Paytm (Img: AI Generated)
New Delhi: Shares of digital payments giant Paytm (One97 Communications) are likely to remain in focus after Resilient Asset Management B.V. announced plans to sell its 4.98% stake in the company.
According to disclosures made to the stock exchanges — BSE and NSE — Resilient Asset Management has informed Paytm about the proposed stake sale, which will be carried out through a block market trade.
Paytm said in an exchange filing that the transaction is being executed under an existing Optionally Convertible Debenture (OCD) agreement between Resilient Asset Management and Antfin (Netherlands) Holding B.V.
Under the terms of the OCD agreement, any economic benefits arising from the stake sale will go to Antfin. Resilient’s proposed share sale is part of the financial arrangement between the two entities.
In August 2023, Resilient Asset Management had acquired around 10.20% equity stake in Paytm from Antfin. The transaction was completed against OCDs issued to Antfin, while the economic interest in the shares remained with Antfin.
Paytm clarified that the company itself is not involved as a party in the transaction. It also stated that there will be no change in the direct shareholding of founder Vijay Shekhar Sharma.
The company said the deal will not impact the promoter or founder status and is only related to the existing arrangements between Resilient Asset Management and Antfin.
The move is being seen as part of efforts to restructure and optimize the financial arrangement between the two entities.
