News Update

SoftBank to sell $215M worth shares in Paytm: Reports

• ByStartupStory     |    November 17, 2022

Japanese multinational SoftBank is trying to promote $215 million worth of stocks in bills organization Paytm on Thursday, stated media reports. This comes proper after the lock-in length for traders withinside the organization expired on November 15, a yr after it debuted on the general public markets and with a valuation of $18.7 billion.

According to Bloomberg, BofA Securities has been appointed as the banker for the block deal, with proportion fees starting from Rs 555 to Rs 601. SoftBank is anticipated to promote 29 million stocks in Paytm.

This is at an as much as 7.7% cut price on the decrease stop of variety from the ultimate charge of Paytm on Wednesday, which stood at Rs 601.fifty five consistent with proportion on BSE. AntFin Holding BV, the Netherlands primarily based totally entity of Alibaba`s fintech arm Ant Financial, is the most important shareholder in Paytm with 24.9% stake withinside the organization, observed through SoftBank Vision Fund which holds 17.5% stocks withinside the organization.

SoftBank Vision Fund I had invested $1.four billion in Paytm, beginning 2017, and had controlled coins out $220 million to $250 million at some stage in the organization`s IPO remaining yr. In May 2022, SoftBank Group Corp stated that Paytm`s negative overall performance withinside the public markets had prompted a loss of $six hundred million to its Vision Fund I portfolio for the financial ended March 31, 2022.

For the sector ended June 30, 2022, SoftBank marked down its funding in Paytm through $four hundred million. The truthful cost of SoftBank`s investments in Paytm stood at almost $1 billion as consistent with statements from June 2022. Paytm stocks have misplaced almost 72% over the yr, as compared to its problem charge of Rs 2,150. For the sector finishing September 2022, Paytm widened its consolidated losses to Rs 571 crore, as compared to Rs 472.ninety crore withinside the yr-in the past length. The organization`s sales from operations jumped 76% to Rs 1,914 crore on a yr-on-yr basis.

 

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