According to Reuters, Japanese investment behemoth SoftBank has reduced its stake in the troubled Indian fintech unicorn, Paytm.
SoftBank has divested more than 13.7 million shares, approximately 2.17 percent of its holdings in Paytm, through open market transactions over the last month amidst a regulatory turmoil affecting the fintech giant’s stock price.
Following this recent sale, the Japanese conglomerate’s ownership in Paytm’s parent company, One97 Communications, has dwindled to 2.83 percent.
“SVF India Holdings (Cayman) Limited has liquidated a total of 13,784,787 shares of One97 Communication Limited in a series of transactions executed between January 23, 2024, and February 26, 2024. This included a disposal on February 26, 2024, which led to breaching the 2% threshold specified in Regulation 29(2) of the SEBI Takeover Regulation,” the company stated.
Starting from December 19, 2023, to January 20, 2024, the investor had sold 12,706,807 equity shares valued at approximately Rs 950 crores, thereby reducing its ownership from 7 percent to around 5.01 percent.
