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Ant deal revives question on Sharma's position at Paytm
Mint Mumbai
|August 10, 2023
Advisory firm IiAS believes founder wields promoter-like influence through a trust
Paytm founder-CEO Vijay Shekhar Sharma’s decision to acquire an additional 10.3% in the company from Ant Financial has reignited the debate around his actual holding in the company and if, as a public shareholder, he has control of the company and enjoys the perks of being a promoter without actually being classified as one.
Paytm parent One97 Communications says Sharma owns 19.42% of the country’s largest payments company. But Institutional Investor Advisory Services (IiAS), a proxy advisory firm, contests the claim, saying Sharma owns 24.3%.
On Monday, Jack Ma-founded Ant Group swapped 43.5% of its equity in Paytm for convertible debt, as Sharma got an additional 10.3% stake, bringing his total ownership to 19.42%, according to a company press release.
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