Vijay Shekhar Sharma Owned Resilient To Sell 4.98% Stake in One97 Communications

New Delhi: Paytm founder Vijay Shekhar Sharma-owned Resilient Asset Management plans to sell a 4.98 per cent stake in One97 Communications in a block deal, according to an exchange filing.

Proceeds of the deal, however, will be retained by China-based Alibaba group firm Antfin under its existing Optionally Convertible Debenture (OCD) agreement with the seller, Resilient Asset Management, the filing stated.

Antfin had transferred its 10.3 per cent direct stake in One97 Communications, which owns the Paytm brand, to Resilient Asset Management at a total valuation of USD 628 million, while the Chinese firm continued to hold economic rights in the stake..

“The Company has been informed by Resilient Asset Management BV (Resilient) that it proposes to undertake a ‘Block Market Trade’ to sell up to 4.98 per cent shareholding in One 97 Communications Limited under its existing Optionally Convertible Debenture (OCD) agreement with Antfin (Netherlands) Holding B.V. The economic value to be received by Resilient will be retained by Antfin under the OCD agreement,” the filing said.

The Antfin transaction with Resilient in August took place at around Rs 795 per share, which was about one-third of Paytm’s IPO listing price of Rs 2,150 apiece.

Paytm shares closed at Rs 1,583 apiece on the BSE on Monday — reflecting almost 99 per cent growth since the Antfin transaction.

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