Paytm Shares Dip 5% Following Ant Group's Stake Offload
Paytm shares fell by 5percent on Tuesday, amidst news reports suggesting of Ant Group is likely to sell up to 4% of its shares in the Fintech company. The sale is likely to be completed by way of bulk transactions through BSE as well as NSE.
Paytm Shares Dip 5% Following Ant Group's Stake Offload
New Delhi, May 13 (PTI): The shares of One97 Communications, the owner of the Paytm brand, dropped 5 percent in Tuesday's trading day in the wake of reports that financial services business Ant Group is likely to let go of a four percent stake for 266 crore to the fintech company.
The price fell 4.99 percent to the level of 823.10 in the BSE.
At the NSE the stock fell 4 percent to Rs 830.55.
Ant Group is likely to let go of a 4 percent stake sale in the amount of Rs. 2,066 crore from One97 Communications, according to sources.
The sale will take place by way of bulk sales through the BSE or NSE on the 13th of May and includes the exchange of up to 25.5 millions shares in Noida-based Paytm the company, according to them.
Ant Group, formerly known as Ant Financial, is an affiliate company of Alibaba Group. Chinese Alibaba Group. Alibaba Group.
Investment banks Goldman Sachs (India) Securities Pvt Ltd and Citigroup Global Markets India Pvt Ltd are the agents who place selling stakes, according to the sources.
At the close of March, Antfin (Netherlands) Holding BV had an 9.85 percent stake in the digital payments company Paytm according to information on shareholdings available in the BSE.
Paytm is a digital payment and fintech platform providing a wide range of services for both business and consumers. It allows users to make many different transactions like in-store and online payments, mobile recharge utility bill tickets, payments for tickets, and peer-to -peer money transfers.
With its integrated network, Paytm has become a one-stop solution to all your financial needs, largely contributing to the widespread adoption of digital payment across the nation.
Alongside consumer solutions, Paytm supports businesses with digital payment solutions that help merchants seamlessly accept payments using options like UPI, QR codes as well as card transaction.
