Founder and CEO Vijay Shekhar Sharma has become the sole significant beneficial owner in One97 Communications Ltd., the owner and operator of 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 of the company," Paytm disclosed in an exchange filing on Sunday.
Despite a 19.42% shareholding in Paytm, Sharma will continue to remain a non-promoter in the company, according to the filing.
Last month, Sharma entered into an agreement to acquire 10.3% stake in the fintech company from Antfin, thus making him the single largest shareholder.
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The purchase was completed through Netherlands-based Resilient Asset Management BV, in which Sharma owns 100% stake and Antfin, part of the Alibaba Group, will cease to be the largest shareholder in Paytm.
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