Home Business About 200 Paytm employees earn Rs 500 crore in secondary share sale

About 200 Paytm employees earn Rs 500 crore in secondary share sale

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(G.N.S) Dt. 29
New Delhi
Paytm, operated by One97 Communications Ltd, on Monday said about 200 current and former employees exercised their stock options and earned a total of Rs 500 crore in a secondary share sale that valued the company at $10 billion.
Stock options or equity-linked stock options (Esops) are financial instruments that allow senior workers to own shares in the company that they may sell for cash after a pre-defined period of time.
Mint was the first to report the development on 23 January, and Paytm’s latest valuation is $3 billion higher than what it was valued in March 2017, when it raised funds from SoftBank Group Corp.
“Paytm, India’s largest mobile-first Financial Services firm has announced completion of secondary share sale that values the company close to $10 billion,” Paytm said in a statement on Monday.
“The secondary sale gave an opportunity to existing and former Paytm employees to liquidate their vested Esop units and create wealth. It also offered various family offices and few western long hold funds to gain entry on the cap table with this round,” the company said.
Paytm did not name the new investors. Existing investors include SoftBank, SAIF Partners, Alibaba and Ant Financial Services.

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