Alibaba Sells Remaining Direct Stake In Paytm For About Rs 1,360 crore
Besides Alibaba, its group firm Ant Financial holds around 25% stake in Paytm.
Chinese company Alibaba is learnt to have sold 3.16% direct stake in digital financial services firm One97 Communications, which operates under Paytm brand, for about Rs 1,360 crore in a block deal, according to sources.
With this deal, Alibaba has sold its entire direct stake in the company.
Alibaba had 6.26% direct stake in Paytm as of December 2022. Of this, it had sold 3.1% stake in January. The remaining 3.16% was sold on Friday.
"Alibaba has sold its complete direct stake in Paytm in the block deal today," a source aware of the development said.
Besides Alibaba, its group firm Ant Financial holds around 25% stake in Paytm.
Another source said that around 2.8 crore shares were sold in a block deal which includes direct stake of Alibaba while others may have sold for profit-booking.
The trade took place in the price range of Rs 645-655 per share.
Email query sent to Paytm and Alibaba did not elicit any reply in the regard.
