Alibaba sells $125 million stake in Paytm through block deal
Alibaba Group has sold its majority stake of 3.1% in Paytm's parent company One-97 Communications.
Ant Financial, a company of Alibaba Group, has sold shares of Paytm worth $ 125 million, or about Rs 1,125 crore, through a bulk deal.
Alibaba Group company Ant Financial has sold 2 crore shares of Indian Digital Payment and Financial Services Company Paytm at Rs 536.95 per share.
Earlier, Alibaba Group had 6.26% stake in Paytm.
Paytm shares fell 6.16%, or Rs 35.65, to close at Rs 543.50 after Alibaba's stake sale.
Paytm's IPO of $ 2.5 billion i.e. Rs 20,361 crore was presented in November 2021. At that time it was the biggest IPO in the country.
What is block deal?
Block deal refers to a trade in which 500,000 shares or shares of a particular company listed on the exchange are traded for a value of more than Rs 5 crore.
Block deals can only be conducted during a particular trading window in the opening trading hours.
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