Paytm Shares Dip Another 2 Per Cent In Early Trade, A Day After Crashing Over 10 Per Cent

Earlier this month, the lock-in period ended for the pre-offer investors that had invested in Paytm, which was listed on the bourses in November last year

By : ABP News Bureau | Updated at : 18 Nov 2022 01:05 PM (IST)

Paytm One 97 Communications Shares Dip Another 2 Per Cent In Early Trade A Day After Crashing Over 10 Per Cent Paytm Shares Dip Another 2 Per Cent In Early Trade, A Day After Crashing Over 10 Per Cent

After the latest transaction, SoftBank's shareholding will decrease to 12.95 per cent from 17.45 per cent stake in Paytm.

Source : Getty

Shares of One 97 Communications, Paytm's parent firm, on Friday declined over 2 per cent in the morning trade after SoftBank divested 4.5 per cent stake in the company for Rs 1,631 crore through an open market transaction, according to the PTI.

The stock dipped 2.23 per cent to Rs 527.50 on the BSE. At the NSE, it fell 2.38 per cent to Rs 526.90.

The firm's stock faced volatile trends in morning trade. It later recovered and traded 0.79 per cent higher at Rs 543.80 on the BSE.

Earlier this month, the lock-in period ended for the pre-offer investors that had invested in Paytm, which was listed on the bourses in November last year.

According to bulk deal data available with the National Stock Exchange (NSE) on Thursday, SVF India Holdings (Cayman) Ltd sold a total of 2,93,50,000 shares, amounting to 4.5 per cent stake in the company. SVF India is a subsidiary of SoftBank.

The shares were offloaded at an average price of Rs 555.67 per piece, taking the transaction value to Rs 1,630.89 crore.

SoftBank is the second-largest shareholder with 17.45 per cent stake in the company. After the latest transaction, SoftBank's shareholding will decrease to 12.95 per cent from 17.45 per cent stake in the company.

The company's stock plunged 10.31 per cent to settle at Rs 539.55 on the BSE on Thursday.

SoftBank is selling 2.9 crore shares in the deal which is being led by Bank of America, according to the term sheet. The news comes a day after the lock-in period for investors in Paytm's November 2021 initial public offering closed. Shares of the company settled 4 per cent lower on Wednesday at 601.30 rupees, after touching a five-month low.

SoftBank raised $2.4 billion selling shares in T-Mobile US earlier this year. Vision Fund sold a range of assets in the April-June quarter - including ridehailer Uber Technologies and property platforms Opendoor Technologies and KE Holdings, which operates China's Beike - for a realised gain of $5.6 billion.