Paytm founder Vijay Shekhar Sharma will buy a 10.3% stake from an affiliate of China’s Ant Group Co., according to a regulatory filing.
“As we announce this transfer of ownership, I would like to express my sincere gratitude to Ant for their unwavering support and partnership over the past several years,” Sharma said in statement.
Sharma, who is also chief executive officer of Paytm-parent One97 Communications Ltd., will increase his holding in the company to 19.42%, while Antfin’s stake will drop to 13.5%.
Sharma took the digital payments pioneer public in 2021 only to see the shares plummet in one of the worst performances for a major initial public offering. Shares closed Friday at 796.6 rupees, compared with the 2,150 rupee offering price.
“As we announce this transfer of ownership, I would like to express my sincere gratitude to Ant for their unwavering support and partnership over the past several years,” Sharma said in statement.
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