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Alibaba sells remaining direct stake in Paytm for Rs 1,378 cr

Paytm signs MoU with Government of Andhra Pradesh at Global Investors Summit 2023, to drive initiatives in Financial Inclusion, Public Health, Cyber Security


Alibaba sells remaining direct stake in Paytm for Rs 1,378 cr

Chinese e-commerce major Alibaba on Friday divested its remaining 3.3 per cent direct stake in One97 Communications, which operates under the Paytm brand, for Rs 1,378 crore through an open market transaction.

However, the company’s group firm Ant Financial continues to hold around 25 per cent stake in Paytm and remains the biggest shareholder of the digital financial services firm. The latest transaction marks Alibaba’s exit from direct shareholding in Indian entities. As per bulk deal data available with the National Stock Exchange (NSE), Singapore E-Commerce offloaded 2,14,31,822 shares, amounting to 3.3 per cent stake in Paytm.

Also read: Reliance, Aditya Birla Group, Tata to invest more than Rs 1 lakh crore in Uttar Pradesh

The shares were sold at an average price of Rs 642.74 apiece, taking the aggregate value to Rs 1,377.50 crore. “With this deal, Alibaba has sold its entire direct stake in Paytm. It no longer holds a direct stake in any of the Indian entities,” a source told PTI. During the day, Morgan Stanley Asia sold 5.23 lakh shares for Rs 667.66 apiece and bought 54.23 lakh shares for Rs 640 per scrip. Alibaba directly held 6.26 per cent stake in Paytm as of the December 2022 quarter.

In January, Alibaba had sold around 3 per cent stake. Rest of the direct stake was offloaded in Friday’s trade. The development follows Alibaba’s stake sale in BigBasket and Zomato. In 2021, Alibaba sold its entire stake in BigBasket. Later in November 2022, it offloaded its direct stake in online food delivery platform Zomato. Alibaba continues to hold an indirect stake in Zomato through its group entities, including Antfin Singapore Holding Pte Ltd.

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  1. Pingback: Public feedback invited for fact check by PIB to strengthen due diligence under IT Rules: MoS IT

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