Financial Services company Ant Group is likely to offload up to a 4 per cent stake, worth about ₹2,066 crore, in fintech firm One97 Communications, the owner of the Paytm brand, according to sources.
The sale will be executed through bulk deals on BSE and NSE on May 13, and involves the sale of up to 25.5 million shares of Noida-based Paytm, they added.
Ant Group, formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group. Investment banking firms Goldman Sachs (India) Securities Pvt Ltd and Citigroup Global Markets India Pvt Ltd are the placement agents for the stake sale, as per the sources.
Ant group through its affiliate Antfin (Netherlands) Holding BV will pare the stake at a floor price of ₹809.75 apiece, representing a discount of about 6.50 per cent to Paytm’s closing price of ₹866.05 per share on the National Stock Exchange (NSE) on Monday, as per a term sheet seen by PTI.
Alibaba and Ant Financial have invested USD 851 million in Paytm since 2015.
