Ant Financial Completely Exits Paytm Parent One97 Communications
Chinese fintech giant Ant Financial has completely exited its investment in One97 Communications, the parent company of Paytm, by selling its entire 5.84% stake for around Rs 3,803 crore. The sale lowered One97's share prices on both the NSE and BSE stock exchanges.
- Country:
- India
On Tuesday, Chinese fintech behemoth Ant Financial completed its divestment from One97 Communications, the entity behind Paytm, by selling off its entire 5.84% stake. The transaction, valued at approximately Rs 3,803 crore, was conducted through Ant Group's affiliate, Antfin (Netherlands) Holding BV.
This development caused a decline in the share prices of One97 Communications on the stock exchanges. On the National Stock Exchange (NSE), the share price closed at Rs 1,062.60, reflecting a 1.45% decrease, while on the Bombay Stock Exchange (BSE), the scrip dipped to Rs 1,065, down by 1.23%.
The shares were sold at a floor price of Rs 1,020 each, marking a discount to Paytm's recent closing price. Placement agents Goldman Sachs (India) Securities and Citigroup Global Markets facilitated this secondary share sale as a clean-up trade, with no lock-up clause.
(With inputs from agencies.)
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