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Ant Group sold 10.3% of India's Alipay Paytm shares for $628 million, and is no longer its largest shareholder

2025-01-21 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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Thanks to CTOnews.com netizens and soft media users for 1520111 clue delivery! CTOnews.com, Aug. 7 (Reuters)-A subsidiary of Ant Group will sell a 10.3% stake in Paytm, India's largest payment platform, while Paytm founder and CEO Vijay Shekhar Sharma will increase its stake to simplify the company's ownership structure.

Ant Group Holdings Co., Ltd. said in a document on Monday that it would sell a 10.3% stake to Paytm founder and CEO Vijay Shekhar Sharma for $628 million (CTOnews.com Note: currently about 4.509 billion yuan). Paytm shares rose as much as 11.4 per cent after the news, and are up more than 50 per cent so far this year.

Sharma bought shares from Ant Group Holdings Ltd at 796.6 rupees per share, the same as Paytm's closing price on the previous trading day. After the deal, Ant Group will no longer be the largest shareholder in Paytm, reducing its stake to 13.5 per cent. In February this year, Alibaba Group sold all its shares in Paytm. Japan's Softbank Corp. Group has also reduced its stake in Paytm through a secondary market transaction, reducing its stake to 9.18% after the latest deal.

Paytm said Sharma would become the company's largest shareholder, with a stake of 19.42 per cent. The company also said the deal did not involve cash payments and did not require any mortgages, guarantees or other value guarantees from Sharma. The management and control of the company will not change, and Sharma and the existing board of directors will continue to hold their original positions. Resilient Asset Management, an overseas entity owned by Sharma, will issue convertible bonds to Ant Group as consideration.

Paytm is the largest mobile payment and commerce platform in India, with more than 300 million users and 2100 million merchants. The company provides a variety of online payment, e-commerce and financial services, including wallets, banking, insurance, loans and investments. The company listed on the Bombay Stock Exchange in November 2021, making it the largest initial public offering (IPO) in Indian history.

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