Shares of One 97 Communications Ltd (Paytm) surged by 12 percent following a significant development.

CEO Vijay Shekhar Sharma has entered into an agreement with Antfin (Netherlands) Holding BV to expand his stake in Paytm.

[{"selector":"#anim-6a7f83ec-34f3-4365-89ef-21bac9059138","keyframes":{"transform":["rotate(-540deg) scale(0.1)","none"],"opacity":[0,1]},"delay":0,"duration":1000,"fill":"both","iterations":1}]

The agreement involves the purchase of a 10.30 percent stake through his overseas entity, Resilient Asset Management B.V.

[{"selector":"#anim-6d3d0950-84e5-4436-b814-ac6c75c9387f","keyframes":{"transform":["rotate(-540deg) scale(0.1)","none"],"opacity":[0,1]},"delay":0,"duration":1000,"fill":"both","iterations":1}]

Vijay Shekhar Sharma's personal shareholding in Paytm will increase to 19.42 percent directly and indirectly.

[{"selector":"#anim-4da81ab9-ad56-4e20-9689-9e2d396489c0","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

Antfin's shareholding in Paytm will reduce to 13.5 percent as a result of this transaction.

[{"selector":"#anim-131b64f1-bfa3-4755-9939-84def5c6b9eb","keyframes":{"transform":["translate3d(114.20119%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-05bc83d9-8917-4acf-9475-2a86ae3ede5d","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

The ownership structure will shift, with Vijay Shekhar Sharma's Resilient Asset Management B.V. acquiring ownership and voting rights.

[{"selector":"#anim-2cf67b7d-3374-4162-a1a6-880d8bda40af","keyframes":{"transform":["rotate(-540deg) scale(0.1)","none"],"opacity":[0,1]},"delay":0,"duration":1000,"fill":"both","iterations":1}]

The transaction will be conducted through an off-market transfer mechanism, benefiting Paytm's new ownership structure.

[{"selector":"#anim-f31c57ab-3f41-489f-90cd-a3979cb3568e","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5e9b46d2-1bc6-46d3-ad11-83e275012c5b","keyframes":{"transform":["translate3d(0px, 613.83848%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Paytm's stock saw an immediate increase of 11.57 percent, reaching a high of Rs 887.55 on the BSE.

[{"selector":"#anim-f874506f-d2ad-4485-a256-74c2e20bf4d6","keyframes":{"transform":["rotate(-540deg) scale(0.1)","none"],"opacity":[0,1]},"delay":0,"duration":1000,"fill":"both","iterations":1}]

Vijay Shekhar Sharma will remain as Managing Director and CEO, ensuring no change in Paytm's management or control.

[{"selector":"#anim-bdea5315-2ae3-4066-9b01-9b6d275ed451","keyframes":{"transform":["translate3d(104.21052%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-b86df07d-7d97-4825-82e7-f71d1aa4c71a","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]