business ๐ฐ Paytm founder sells $513 mn in block trade
Vijay Shekhar Sharma's Resilient Asset Management B.V. plans to sell shares worth up to $513 million in One 97 Communications Ltd. This holding company, registered in the Netherlands, holds over 10% stake in Paytm's parent entity. The transaction involves offering up to 19.2 million shares, representing 3% of the total equity, with an upsizing option for an additional 12.7 million shares. This stake sale follows Elevation Capital's partial exit and comes as the Paytm board dropped plans for a bonus share issue. The economic value received by Resilient will be retained by Antfin under their existing OCD agreement.