As Alibaba Group's Antfin recently sold a significant amount of stakes in Paytm, subsequently reducing its holdings from 23.79% to 9.90%, the company's founder & CEO, Vijay Shekhar Sharma, has become the sole significant beneficial owner (SBO) in One97 Communications Ltd, which owns and operates the Indian fintech giant Paytm
"We have been informed by Antfin that their shareholding in the company has reduced from 23.79% to 9.90% of the total equity share capital. Accordingly, no person affiliated with Antfin will qualify as a Significant Beneficial Owner (“SBO”) of the Company," Paytm said in an exchange filing.
Vijay Shekhar Sharma becomes the sole significant beneficial owner (SBO) in Indian fintech giant Paytm.— Indian Startup News (@indstartupnews) September 4, 2023
This comes after Antfin significantly reduced its holdings from 23.79% to 9.90%.
Currently, Sharma's holdings in Paytm, directly and indirectly, stand at 19.42%.
According to the company, Vijay Shekhar Sharma's holdings in Paytm, directly and indirectly, currently stands at 19.42%. This comes after Anitfin sold a 10.3% stake to Resilient Asset Management B.V., an overseas entity 100 per cent owned by Sharma.
The deal was followed by another 3.58% stake sale in Paytm by Antfin for Rs 2,031 crore through a block deal. In July 2023, Paytm reported a 39% year-on-year revenue increase to Rs 2,342 crore, which was driven by a rise in GMV, merchant subscription revenues, and the expansion of distributed loans