Paytm founder Vijay Shekhar Sharma, who will be selling ₹402.65 crore worth of shares in Paytm’s offer for sale (OFS), is likely to plough back a significant portion of the proceeds into the company’s general insurance arm Paytm Insurtech (PIT), a senior company executive told Mint on Thursday.
Paytm owner One97 Communications Ltd. (OCL), which is prepping for an IPO starting November 8, had earlier planned to lend ₹743 crore to founder Vijay Shekhar Sharma-owned investment entities–VSS Investco and VSS Holdings. As a part of the transaction, Paytm was expected to buy ₹491.93 crore worth of optionally convertible debentures to be sold by VSS Holdings Pvt. Ltd, in which Sharma is a director.
