Paytm block deal buyers: NPS, Axis MF in list

What happened in the Paytm block deal

Shares of One 97 Communications, the parent of Paytm, fell nearly 2% on Tuesday as a large block deal went through. Around 1.92 crore shares changed hands in the transaction. The reported value of shares traded was nearly Rs 2,949 crore. Market discussion on social media centred on who sold and who bought the stock. Initial reports said the identities of buyers and sellers were not immediately disclosed. However, multiple posts and reports linked the selling side to Resilient Asset Management B.V. The deal drew attention because it was presented as part of a broader stake movement linked to Antfin.

Why Resilient Asset Management B.V. was in focus

Resilient Asset Management B.V. is a Netherlands-based entity wholly owned by Paytm founder and CEO Vijay Shekhar Sharma. It was widely cited as the likely seller behind the block deal flow. Paytm also told exchanges that Resilient had proposed to undertake a block market trade. Reports described the sale as a secondary market transaction. The sale size referenced in discussions included up to 4.98% of Paytm’s shareholding via block market trade. A base offer size of 19.2 million shares, or about 3%, was highlighted in the terms circulating publicly. An additional option to upsize by another 12.7 million shares, or about 1.98%, was also mentioned. The completed trade discussed on Tuesday corresponded to the 1.92 crore shares, aligning with the base size described.

The OCD link and why proceeds matter

A key detail in the exchange filing was the Optionally Convertible Debenture (OCD) arrangement involving Antfin (Netherlands) Holding B.V. Paytm stated that Resilient’s proposed sale was under its existing OCD agreement with Antfin. The filing also said the economic value to be received by Resilient would be retained by Antfin under the OCD agreement. Social media commentary highlighted this as an important nuance for interpreting the sale. It suggests the transaction can be linked to Resilient and Antfin even if Resilient is the executing entity. Posts also noted that this structure means the promoter is not necessarily the economic beneficiary of the sale. In the same set of discussions, it was stated that Vijay Shekhar Sharma’s direct holding remains unchanged. This point mattered to market participants trying to separate promoter ownership from the mechanics of Antfin’s exit.

How Resilient came to hold the Paytm stake

Paytm had earlier disclosed that Resilient acquired nearly a 10.20% equity stake in Paytm from Antfin. That acquisition was described as being against OCDs issued to Antfin. Reports also referred to the stake as around 10.3% ownership and voting interest in One 97 Communications. The current block trade proposals were discussed as being part of that larger arrangement. In other words, the seller identity being “promoter-linked” did not automatically mean the transaction was a promoter cash-out. The market conversation focused on the distinction between legal ownership and economic proceeds. Some investors viewed the OCD-linked sale as an extension of Antfin’s broader exit from Paytm. Others were primarily watching for supply pressure from a large secondary sell-down. The filing language about proceeds accruing to Antfin was central to that debate.

Deal size, options, and the moving parts

The block deal was described in two layers, a base offer and a possible upsizing option. The base was about 19.2 million shares, valued around Rs 2,949 crore. The upsizing option was about 12.7 million shares, valued around Rs 1,946 crore. Combined, those figures were associated with a potential transaction value of roughly Rs 4,895 crore for up to 4.98% stake. CNBC-TV18 reported on August 17 that Resilient was set to sell up to 4.98% via a block deal. Reports also said the deal was entirely secondary in nature. Goldman Sachs (India) Securities Private Limited was identified as the placement agent for the deal. Separately, market updates repeated that official buyers and sellers in the completed transaction were not immediately known at the time of early reporting. This mix of partial disclosure and exchange prints is why the buyer list became a trending query.

Who bought Paytm shares in the block deal, per exchange data

While early reports said the official buyers and sellers were not immediately disclosed, later exchange data referenced specific institutions on the buying side. The National Pension System (NPS) Trust emerged as the largest buyer. NPS Trust bought 30.2 lakh shares worth Rs 413.07 crore, according to the exchange data cited in social discussions. Axis Mutual Fund was also named as a significant buyer, acquiring 27 lakh shares valued at Rs 369.3 crore. Other buyers listed included Morgan Stanley and Goldman Sachs. The same list also mentioned Société Générale and BNP Paribas Financial Markets as buyers. Domestic institutions named included Sundaram Mutual Fund, Kotak Mahindra Asset Management Company, and Tata Mutual Fund. Additional buyers referenced were Manulife Global Fund, ICICI Prudential Life Insurance, Ghisallo Master Fund, and Franklin Templeton Mutual Fund. These names became the answer people were seeking when searching for “Paytm block deal buyers who bought stake in India”.

Who sold, beyond the Resilient-linked overhang

Alongside the Resilient-linked narrative, exchange data also pointed to selling by entities associated with Elevation Capital, formerly known as SAIF Partners. According to the same data, Elevation Capital V sold 10.20 lakh shares for Rs 139.55 crore. SAIF III Mauritius Company offloaded 97.43 lakh shares worth Rs 1,332.7 crore. SAIF Partners India IV sold 41.36 lakh shares valued at Rs 565.77 crore. Collectively, these three entities divested 1.49 crore shares for Rs 2,038.02 crore. Before the transaction, SAIF III Mauritius Company and SAIF Partners India IV held 8.55% and 3.63% stakes in Paytm, respectively. Social posts treated these disclosed sells as part of the broader block deal supply, even as Resilient remained the primary entity linked to the headline sale. The overlap of multiple sellers is also why a single “buyer-seller” pair was not immediately clear in early reporting.

Key buyers and sellers at a glance

The following table compiles the participants and quantities that were specifically cited in exchange data shared in social and media reports.

What investors are watching next

The immediate market signal was price action, with Paytm shares down nearly 2% on the day of the large trade. The next focus is whether additional shares are sold via the upsizing option linked to the 4.98% proposal. Investors are also tracking clarity on whether the completed 1.92 crore-share trade fully reflects the Resilient proposal or coincided with other large holders selling in parallel. Another watchpoint is how the OCD language continues to be interpreted, especially the statement that economic value is retained by Antfin. That detail is relevant for assessing whether the block deal changes promoter incentives or primarily reflects Antfin’s exit mechanics. Market participants are also paying attention to the mix of buyers, which included long-only domestic institutions like NPS Trust and mutual funds, alongside global banks and funds. For many, the presence of large institutional buyers matters because it signals absorption capacity for secondary supply. At the same time, the repeated note that official buyers and sellers were not immediately disclosed suggests the full picture can take time to settle. Until then, the buyer list circulating from exchange data is likely to remain a top search topic around Paytm’s block deal.