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One97 Communications shares jump nearly 7% as Sharma buys Paytm stake
Shares of fintech firm One97 Communications jumped nearly 7 per cent on Monday, following news that its founder and CEO Vijay Shekhar Sharma will acquire 10.30 per cent stake in Paytm from Antfin (Netherlands) Holding BV, through an off-market transfer in a no-cash deal.
The stock of Paytm's parent firm climbed 6.95 per cent to settle at Rs 850.75 apiece on the BSE. During the day, it zoomed 11.57 per cent to Rs 887.55.
On the NSE, it rallied 6.82 per cent to end at Rs 851 per share. During the day, it jumped 11.43 per cent to Rs 887.70.
The company's market valuation advanced Rs 3,511.4 crore to Rs 53,957.14 crore.
Antfin will continue to hold the economic rights of the stake that is being transferred to Sharma.
As per the deal, Sharma will purchase 10.30 per cent shareholding in Paytm from Antfin through his 100 per cent owned overseas entity -- Resilient Asset Management BV.
Resilient Asset in return will issue debt instrument OCDs (optionally convertible debentures) to ...