Antfin (Netherlands) Holding B.V., a subsidiary of Chinese fintech giant Ant Group, is set to sell 10.3% of its Paytm stake, valued at $628 million, to Paytm’s founder and chairman Vijay Shekhar Sharma, according to Reuters. The move will reduce Antfin’s ownership in the Indian financial technology company to 13.5%, causing it to step down from its position as Paytm’s largest shareholder. Instead of a cash payment, an entity connected to Sharma will issue convertible debentures to Antfin for the stake acquisition. “No cash payment will be made for this acquisition, and neither will any pledge, guarantee, or other value assurance be provided by Mr Sharma, directly or otherwise,” Paytm said in a statement on August 7. The management and control of Paytm will remain unchanged following this deal, the company added. Prior to Antfin’s move, Alibaba sold all its stock shares in Paytm in February this year. Additionally, Japan’s Softbank Group has also been reducing its stake in Paytm through open market deals, bringing its current holding down to 9.18% after the most recent transaction, according to a Reuters’ report. [Reuters]