Archive · 18 Aug 2026
Paytm Block Deal Separates Legal Ownership From Economic Benefit
A company owned by Paytm founder Vijay Shekhar Sharma is selling some Paytm shares.
Normally, the owner of the shares would receive the money from the sale.
In this case, another company called Antfin has the right to receive that value.
This happened because of an earlier agreement involving special financial instruments called optionally convertible debentures.
Resilient controls how the shares are voted, while Antfin receives their financial value.
Sharma is not directly selling his personal Paytm shares.
His voting influence may decrease, but his direct investment does not change.
The deal helps Antfin reduce its remaining financial connection to Paytm.
Investors are watching how many shares Resilient still controls and how the arrangement affects governance.
Resilient Asset Management is selling part of its One97 Communications stake through a block deal.
Although Vijay Shekhar Sharma owns Resilient, Antfin is entitled to the sale proceeds under an earlier agreement.
Resilient received optionally convertible debentures from Antfin when it acquired slightly more than 10% of Paytm in August 2023.
Sharma’s direct Paytm holding is unchanged, but Resilient’s sale will reduce its voting rights and aggregate influence.
The transaction further monetises Antfin’s indirect economic interest without changing Paytm’s operations or Sharma’s role as chief executive.
- Who
- Resilient Asset Management, Vijay Shekhar Sharma, Antfin and One97 Communications, Paytm’s parent company.
- What
- Resilient is selling part of its Paytm shareholding, with the economic value accruing to Antfin under an earlier agreement.
- When
- The arrangement originated in August 2023; the timing of the latest block sale is not specified.
- Why
- The sale monetises part of Antfin’s retained economic interest and further unwinds the earlier ownership arrangement.
- Seller
- Resilient Asset Management, an overseas investment vehicle wholly owned by Vijay Shekhar Sharma.
- Company involved
- One97 Communications, Paytm’s parent company.
- Economic beneficiary
- Antfin is entitled to the value realised from the shares sold under the earlier agreement.
- Original transaction
- In August 2023, Resilient acquired slightly more than 10% of Paytm shares from Antfin.
- Consideration
- Resilient issued optionally convertible debentures to Antfin instead of paying cash immediately.
- Voting rights
- Resilient holds the shares and exercises their voting rights, but those rights will decline after the sale.
- Operational impact
- The transaction does not alter Paytm’s operations or Sharma’s position as founder and chief executive.