Vijay Shekhar Sharma, founder and chief executive of Paytm, has entered into a deal with Ant Financial to secure a 10.30% stake in the Indian financial services firm, Noida-headquartered company said Monday.

“On closing of this transaction, Mr. Sharma’s shareholding in Paytm (direct and indirect) will increase to 19.42%, whereas Antfin’s shareholding will reduce to 13.5%. The acquisition will be made by Mr. Sharma’s 100% owned overseas entity, Resilient Asset Management B.V. (‘Resilient’) based in the Netherlands. Closing of the transaction will occur shortly at the prevailing market price. Based on the closing price as on August 04, 2023, the value of the 10.30% stake amounts to $628 million.”

More to follow.