SoftBank informed stock exchanges that it has offloaded a little over 2 per cent stake in Paytm’s parent entity One97 Communications Ltd in a series of open market transactions with effect from February 2023 to comply with capital markets regulator SEBI’s takeover norms.
“SVF India Holdings (Cayman) has disposed of an aggregate of 13,103,148 equity shares of One 97 Communications Limited in a series of disposals carried out between February 10, 2023 and May 8, 2023, with settlement on May 8, 2023 for 2 per percentage limit as specified in Regulation 29(2) of the SEBI Takeover Regulations,” SoftBank said in a regulatory filing to the stock exchanges.
Read also: SoftBank’s Vision Fund loses a record $32 billion in FY23 on weak technical valuations
SVF India Holdings (Cayman) Limited, a SoftBank arm, has sold 13,103,148 shares between February 10, 2023 and May 8, 2023, which is about 2.07 per cent of the total shareholding, according to data from stock exchange filings.
As a result of the stake sale, SoftBank’s 13.24 percent stake in Paytm has now come down to 11.17 percent, which is approximately 70,809,082 shares. The market value of the total sale was not disclosed in the regulatory filing but media reports said it could be around $120 million.
In November 2022, the Japanese conglomerate sold around 4.5 per cent stake in Paytm 1,631 crore through an open market transaction. SoftBank invested $1.6 billion in Paytm in 2017 and sold shares worth $220 million at the time of its mega IPO.
Last week, Paytm announces its Q4FY23 results Reporting a consolidated net loss fell sharply 168.4 crore as compared to loss in Q4 of FY23 761.4 crore in the same period last year.
On the top-line front, Paytm’s revenue from operations stood still 2,334.5 crore in Q4FY23, registering a growth of 51.5 per cent 1,540.9 crore in Q4FY22 and up 13.2 per cent 2,062.2 crores.
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.