Vijay Shekhar Sharma, Paytm’s CEO, to acquire 10.3% stake from Antfin (Netherlands) Holding B.V. Deal worth $628 million; Sharma becomes top shareholder, simplifying ownership.
Chinese ownership worries prompt Sharma’s move amidst Indian fintech sector concerns. Ant Financial’s Paytm acquisition blocked by Indian government in 2022.
Competition surges: Google Pay, PhonePe challenge Paytm; Sharma asserts control via deal.
Sharma to give Antfin convertible debentures for stake, maturing in 5 years. Conversion price: $2,041.25 per share.
Deal closure anticipated within weeks. Key details:
- Valued at $628 million.
- Convertible debentures for stake.
- Maturity in 5 years; conversion at $2,041.25 per share.
- Closure in upcoming weeks.
This development carries immense weight for Paytm and the broader Indian fintech sector. Observers eagerly await the unfolding of events and the eventual implications of this deal over the coming months and years.
