Business
Resilient Asset to offload 4.98% stake in Paytm parent
The stake being sold would be worth around ₹5,000 crore at Monday’s closing price.
Proceeds from the sale will be retained by Chinese investor Ant Financial under an existing optionally convertible debenture (OCD) agreement, Paytm said.
Resilient Asset Management, a Dutch holding company controlled by Paytm founder and CEO Vijay Shekhar Sharma, acquired a 10.3% stake in Paytm from Ant Financial in 2023 against OCDs issued to the latter. Under the arrangement, while Resilient acquired the equity stake, the economic interest in the shares continued to belong to Ant Financial, an Alibaba Group company.
Read more: Zaggle plummets to 52-week low after disappointing Q1 results
Live Events
The structuring of the deal in 2023 indicated Paytm’s efforts to reduce Chinese influence, helping the company secure regulatory approvals for its various business interests.
You must be logged in to post a comment Login