Sharma, who owns around 15% in Paytm parent
, purchased shares worth Rs 6.31 crore on May 30 and the rest on the next day.
In April, Sharma had said the employee stock options given to him would be
vested to him only after the company’s shares crossed the IPO price on a sustained basis. Paytm’s shares had an immediate crash after the listing on bourses last year in November.
The stock ended trading at Rs 629.10 on the BSE Friday, up by 2.6% from the previous close. The Noida-based company’s IPO price was Rs 2,150 per share, meaning it is currently trading 70% below the issue price.
Based on the number of shares purchased and the amount spent, Sharma paid just over Rs 647 a share on average for the transactions on May 30-31.
Sharma had sold shares worth Rs 402 crore through Paytm’s Rs 18,300 crore IPO. Investors like SoftBank, Elevation Capital and the Ant Group also divested parts of their holding in the company under the Rs 10,000 crore offer for sale component of the IPO.
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According to Sharma, who is the managing director and CEO at the firm, the company is aiming for operational breakeven by the end of September next year. The company said in a June 15 filing that its lending business had seen strong growth of 471% in loan disbursals at 5.5 million in the April-May period of 2022.
Last month, Paytm also said it would seek a new general insurance licence and invest up to Rs 950 crore in Paytm General Insurance in tranches for a period of 10 years. This came after the company failed to close its Raheja QBE General Insurance deal.
