Paytm shareholder Antfin is likely to sell 3.6% stake in the Indian payments firm through a block deal on Friday as it will further dilute its stake in the company, CNBC-TV18 reported on Thursday.
The floor price for the sale has been set at Rs 880 per share, which is a discount of 2.7% to Paytm’s last closing price of Rs 904.45, the report said.
Citi has been appointed broker for the deal, which the broadcaster said is valued at a total of $234 million.
Paytm and Ant Group did not immediately respond to Reuters requests for comment.
Earlier this month, Paytm said chief executive Vijay Shekhar Sharma would buy Antfin’s 10.3% stake in the company he founded – in a deal that made him its largest shareholder.
AntFin is the Netherlands-based arm of Chinese fintech giant Ant Financial. The company, whose stake in Paytm fell to 13.49% after the first deal, may further reduce its stake to less than 10%.
Antfin’s sales have declined after China’s Alibaba sold its entire stake in Paytm in February. Japan’s SoftBank Group is also trimming its stake in Paytm through open market deals, with the latest deal bringing its stake down to 9.18%.
first published: 24 August 2023 | 6:57 pm First