Paytm Shares Tank 10% On SoftBank Stake Sale Report; Key Details for Investors

Last Updated: November 17, 2022, 11:39 IST

Advertisement

Paytm Share Price Today: One 97 Communications (Paytm) dropped as much as 10 per cent to its lowest since May. This comes after Reuters reported that SoftBank Group Corp will sell 2.9 crore shares worth up to 4.5 per cent, of Paytm through a block deal on Thursday (17 November 2022). The price range for the sale has been set at Rs 555-601. The sale will likely fetch SoftBank at least Rs 1,628.9 crore ($200 million).

The lower end of the price band is a 7.74 per cent discount to Wednesday’s close price of Rs 601.55 on the BSE.

The sale follows the end of one-year mandatory lock-in for pre-IPO investors in Paytm. The stock entered the bourses on 18 November 2021. It was listed at Rs 1955, a discount of 9.07 per cent compared with the initial public offer (IPO) price of Rs 2150. The IPO of Paytm was subscribed 1.89 times. The issue opened for bidding on 8 November and it closed on 10 November. The price band of the IPO was fixed at Rs 2080 to Rs 2150 per share.

Advertisement

As of 30 September 2022, SoftBank held a 17.45 per cent stake in Paytm through SVF India Holdings (Cayman).

SoftBank had invested $1.6 billion in Paytm and had sold a partial stake worth $220-250 million in the IPO last year.

One 97 Communications is a digital financial services firm that operates under the Paytm brand. Paytm is India’s payment super app offering consumers and merchants comprehensive payment services.

The sale is the latest in a string of divestments that SoftBank has made in the past few months, after its flagship Vision Fund unit booked nearly $50 billion in losses in just six months.

Paytm had made its stock market debut on November 18 last year. The stock is trading 70 per cent below its IPO issue price of Rs 2150. The 52-week range of the scrip is Rs 1,955 and Rs 510.05.

Read all the Latest Business News here

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
sekabet - casinomeritroyal.com -

superbetinx.com

- adana eskort - eskort eskişehir - samsun eskort - bursa eskort - eskort mersin -

web tasarım