SoftBank said on Thursday (May 11) that it has offloaded over a 2% stake in Paytm’s parent entity One 97 Communications.
“SVF India Holdings (Cayman) Limited has disposed of an aggregate of 13,103,148 equity shares of One 97 Communications Limited in a series of disposals undertaken between February 10, 2023 to May 8, 2023,” an exchange filing by Paytm said. The offloaded amount implies a stake sale of around 2.07% of its total shareholding.
As per the BSE data, SVF India Holdings (Cayman) Ltd held 8.4 Cr shares in Paytm till February 18 this year or 13.24% stake, which shrank to 8.2 Cr shares or a 12.88% stake at March end.
After the completion of the sale, SoftBank will hold about 11.17% stake in the fintech major or around 7.1 Cr shares. Reports suggest that SoftBank’s share offloading deal in Paytm was worth around $120 Mn.
In November last year, SoftBank had sold around 3 Cr shares in Paytm, soon after the company’s lock-in period for its pre-IPO investors ended.
Paytm shares fell after SoftBank stake sell report. Shares were trading 2.8% lower at INR 706.9 on the BSE by 12.45 PM IST.
It must be noted that SoftBank’s share offloading comes at a time when Paytm has finally started achieving operational profitability and the company’s fundamentals are becoming stronger across business verticals.
Paytm’s net loss declined 78% year-on-year (YoY) to INR 167.5 Cr in Q4 FY23, while its operating revenue was up 51% at INR 2,334.5 Cr in the quarter.
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