Resilient Asset Management B.V. based in the Netherlands, 100 per cent owned overseas entity of Vijay Shekhar Sharma, Founder and CEO of One 97 Communications Ltd (Paytm), has acquired 10.30 per cent stake held by Antfin ( The Netherlands) Holding B.V in Paytm. However, the acquisition, valued at $628 million, doesn’t involve any cash transaction.
As per the agreement executed with Antfin, owned by Chinese group Alibaba, Resilient will acquire ownership and voting rights of the 10.30 per cent block in Paytm. “In consideration for the acquisition of the 10.30 per cent stake, Resilient will issue Optionally Convertible Debentures (OCDs) to Antfin, which, in turn, will allow Antfin to retain economic value of the 10.30 per cent stake, demonstrating Antfin’s continued confidence in the business potential,” Paytm said.
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