Alibaba Group pares 3% stake in Paytm for Rs 1,031 crore

13 Jan 2023 , 09:32 AM

On Thursday, China’s Alibaba Group sold a 3% stake in One97 Communications , the parent company of leading Indian mobile payments and financial services company Paytm, in a block deal for Rs1,031 crore.

Alibaba.com sold 19.2 million shares at Rs536.95 per share, according to NSE block deal data. Morgan Stanley Asia purchased 5.5 million shares, while Ghisallo Master Fund purchased 4.98 million shares. The identities of the remaining buyers were unknown.

Paytm’s stock dropped 6.2% to Rs543.20 on Thursday. As of the end of September, Alibaba owned a 6.26% stake in Paytm, while Ant Financial, another Alibaba group company, owned 24.88%.

In November of last year, the Japanese SoftBank Group sold 29 million Paytm shares, or a 4.5% stake, for approximately $200 million in a block deal.

Paytm shares were listed last November at Rs1,950 per share, a 9% discount to the issue price of Rs2,150.

Following this development, Paytm share was trading at Rs540.55, down by 0.49% against the previous close of Rs543.20 on NSE. The counter opened at Rs543.50.

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