Admin Source : Gadgets 360
Shares of One97 Communications, Paytm’s parent firm on Friday ended over 1 percent higher, a day after falling sharply.
In morning trade, the stock had declined over 2 percent after SoftBank divested 4.5 percent stake in the firm for Rs. 1,631 crore through an open market transaction.
The stock dipped 2.23 percent to Rs. 527.50 during the day on the BSE. But it recovered all the lost ground and ended at Rs. 546.30 apiece, higher by 1.25 percent.
On the NSE, it fell 2.38 percent to Rs. 526.90 during the day. The stock ended at Rs. 546.40 per share, a gain of 1.22 percent.
Shares of Paytm parent One97 Communications tumbled nearly 11 percent on Thursday.
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) sold a total of 2,93,50,000 shares, amounting to 4.5 percent 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 percent stake in the company.
Post the latest transaction, SoftBank’s shareholding will decrease to 12.95 percent from 17.45 percent stake in the company.
SoftBank is selling 29 million shares in the deal which is being led by Bank of America, according to the term sheet.
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 (roughly Rs. 4,08,150 crore) in losses in just six months.
