Warren Buffett's Berkshire Hathaway Exits Paytm At A Loss Of Over Rs 620 Crore
Berkshire Hathaway sold 1.56 crore shares, or a 2.5% stake, for Rs 877.29 apiece.
Warren Buffett's Berkshire Hathaway sold a 2.5% stake in One 97 Communications Ltd. through the open market for about Rs 1,370 crore.
With this sale, Berkshire Hathaway has exited the fintech major. After five years of investment, Berkshire Hathaway sold 1.56 crore shares, or a 2.5% stake, for Rs 877.29 apiece.
The company had acquired the shares at an average cost of Rs 2,178 crore, according to disclosures in Paytm's red herring prospectus at the time of IPO. The company sold shares worth Rs 301 crore in the IPO. On the remaining shares, Berkshire took a loss of more than Rs 620 crore.
The buyers included foreign investors Copthall Mauritius Investment Ltd. and Ghisallo Master Fund. While Copthall Mauritius Investment bought 7.57 lakh shares, representing a 1.19% stake, Ghisallo Master Fund mopped up 4.27 lakh shares, representing a 0.67% stake. Both the investor firms purchased the shares for Rs 877.2 apiece.
Shares of One 97 Communications closed 3.08% lower at Rs 895 apiece on the NSE, as compared with a 0.04% decline in the benchmark Nifty 50 on Friday.
