Alibaba exits Paytm, offloads stake in ₹1,378-cr block deal
HY News
11 February, 2023 11:09 am IST
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The Alibaba Group of China sold its entire 3.4% stake in One97 Communications, the parent of Indian payments firm Paytm, in a block transaction worth ₹1,378 crore.
Alibaba sold 21.43 million shares of Paytm at ₹642.74 apiece to investors, including Morgan Stanley, according to data obtained from the National Stock Exchange.
Shares of Paytm slumped by 8.75% to ₹650.20 on Friday on BSE, underperforming the benchmark Sensex’s 0.2% decline.
The firm, which held about 6.26% in Paytm until last month, sold a partial 3.1% stake in the stock at a discount of about 7% in open market operations in January. Among the buyers was Morgan Stanley, which bought shares worth ₹294 crore on 12 January.
About two months ago, Alibaba also sold a 3.07% stake in online food delivery giant Zomato for ₹1,631 crore via an open market transaction. As of the quarter ended December, the firm now holds about a 3.46% stake in the Gurugram-based firm.
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