SoftBank offloads 2% stake in Paytm parent One97 Communications
Multinational investment firm SoftBank Thursday communicated to the bourses that it has offloaded a little more than 2 percent stake in One97 Communications Limited, the parent company of Paytm, in compliance with the SEBI regulations, Moneycontrol reports said.
The report stated citing the data obtained from the stock exchange, SVF India Holdings (Cayman) Ltd, an entity affiliated with SoftBank, has divested 13,103,148 shares of Paytm between February 10, 2023, and May 8, 2023.
This amounts to approximately 2.07 percent of the overall shareholding. Sources suggest that the transaction is valued at approximately $120 million. Following the sale, SoftBank will retain a stake of approximately 11.17% in Paytm, equivalent to approximately 70,809,082 shares.
"SVF India Holdings (Cayman) Limited has disposed of an aggregate of 13,103,148 equity shares of One 97 Communications Limited in a series of disposals undertaken between February 10, 2023, to May 8, 2023, with the disposal on May 8, 2023, breaching the 2% threshold specified in Regulation 29(2) of the SEBI Takeover Regulations," the filing said dated May 10, 2023, reported Moneycontrol.
In November 2022, SoftBank divested approximately 4.5 percent of its stake in Paytm for Rs 1,631 crore through an open market transaction.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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