Vijay Shekhar Sharma-controlled Resilient Asset Management B.V. has proposed to sell up to a 4.98% stake in Paytm through a block market trade, according to a regulatory disclosure by One97 Communications. The proposed sale will be carried out under an existing Optionally Convertible Debenture (OCD) agreement between Resilient and Antfin (Netherlands) Holding B.V., Paytm said in the disclosure. Importantly, while Resilient will execute the share sale, the economic value from the transaction will be retained by Antfin under the OCD agreement. Resilient had acquired around 10.20% stake in Paytm from Antfin in August 2023 against OCDs issued to Antfin. However, the economic interest in the shares continued to belong to Antfin, the company said. The proposed transaction will therefore not result in any change in Vijay Shekhar Sharma’s direct shareholding in Paytm. The company also clarified that Paytm is not a party to the transaction. The disclosure comes as Resilient seeks to monetise a portion of the Paytm shares held under the existing arrangement with Antfin. The proposed block trade could cover around 4.98% of Paytm’s equity. In 2023, Resilient had acquired the stake from Antfin as part of a restructuring in Paytm. The deal was structured through OCDs, allowing Antfin to continue retaining the economic interest in the shares. Paytm’s latest disclosure does not provide details on the proposed sale price, buyers or the expected value of the block trade. The transaction is subject to the terms of the existing OCD agreement between Resilient and Antfin. At the end of today’s trading session, Paytm closed at Rs 1580 per share with a total market capitalization of Rs 1,01,312 crore ($10.6 billion). Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
