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.

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

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

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

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

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

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

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

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