Alibaba sells remaining direct stake in Paytm for Rs 13,600 cr

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Chinese company Alibaba is learned to have sold a 3.16 percent direct stake in digital financial services firm One97 Communications, which operates under the Paytm brand, for about 13,600 crore rupees in a block deal, quoting sources PTI reported.

With this deal, Alibaba has sold entire direct stake in the company. Alibaba had 6.26 per cent direct stake in Paytm as of December 2022. Of this, it had sold 3.1 per cent stake in January. The remaining 3.16 per cent was sold on Friday.

“Alibaba has sold its complete direct stake in Paytm in the block deal today,” a source aware of the development said, as per the report.

Besides Alibaba, its group firm Ant Financial holds around 25 per cent stake in Paytm.

Another source said that around 2.8 crore shares were sold in a block deal which includes direct stake of Alibaba while others may have sold for profit- booking.

The trade took place in the price range of 645-655 rupees per share.

Email query sent to Paytm and Alibaba did not elicit any reply in the regard. (PTI)

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