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HomeBusinessSoftBank to sell shares worth $215 million in Paytm, says report

SoftBank to sell shares worth $215 million in Paytm, says report

SoftBank had a 17.5% stake in Paytm’s parent One 97 Communications Ltd, as of Sept. 30. The stock is being sold in a range of 555 rupees to 601.45 rupees per share, said the report.

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Bengaluru: SoftBank Group Corp will sell shares worth $215 million in Indian e-payments giant Paytm’s parent through a block deal, Indian broadcaster CNBC-TV18 reported, citing sources.

The deal’s base price of 555 rupees per share is at a 7.7% discount to One 97 Communications Ltd’s last close, the report said.

The news comes a day after the lock-in period for investors in Paytm’s November 2021 initial public offering closed. Shares of the company settled 4% lower on Wednesday, after touching a five-month low.

SoftBank had a 17.5% stake in the digital payments and fintech company, as of Sept. 30.

Paytm and SoftBank did not immediately respond to a Reuters request for comment.-Reuters

(Reporting by Nandan Mandayam in Bengaluru; Editing by Devika Syamnath)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

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