Paytm Shares Drop 4% On Tuesday After Alibaba’s Antfin Sells 4% Stake Via Block Deal
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Paytm Share Price: Paytm shares falls 4% intraday after Alibaba’s Antfin sells 4% stake in the fintech via a block deal.
Paytm Share Price: Shares Fall 4% After Block Deal.
Paytm Share Price: Paytm shares fell 4 per cent intraday on Tuesday after Alibaba Group’s Antfin reportedly offloaded 1.7 crore shares (1.4 per cent of equity) in a large block deal. The floor price in the block deal was fixed at Rs 809.75 apiece, reflecting a 6 per cent discount from yesterday’s close. The deal is valued around Rs 2,200 crore given the floor price.
At 11:00 am, shares of Paytm were down 1.67 per cent to trade at Rs 851.55 apiece, against the previous day close at Rs 866.05 apiece. The scrip opened in red at Rs 842 apiece. The day’s low so far stood at Rs 830.55 apiece, reflecting a drop of 4.33 per cent from the previous day close.
According to MoneyControl report, After Antfin reduced its stake, Paytm founder Vijay Shekhar Sharma directly owns 9.05 percent of the company and indirectly holds another 10.24 percent through a foreign entity named Resilient Asset Management.
Resilient acquired a 10.3 percent stake in Paytm from Antfin, making the founder the largest shareholder in the company. The transaction involved the issuance of Optionally Convertible Debentures with no cash consideration. At the time of the deal, Paytm shares were trading at around Rs 850-890 per share.
On May 13, Paytm shares fell further to an intraday low of Rs 830.55 each but later recovered, though they remained below the floor price offered by Antfin.
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