China's Ant Group to sell 4% stake in India's Paytm for US$242 million
Paytm has seen a spate of selldowns in the past two years, including the exit of Warren Buffett’s Berkshire Hathaway and Japan’s SoftBank Group
[BEIJING] China’s Ant Group will sell a 4 per cent stake in Indian payments firm Paytm for US$242 million, a term sheet seen by Reuters showed on Monday (May 12).
Ant, an affiliate of Chinese conglomerate Alibaba Group, will sell the stake at 809.75 rupees (S$12.44) per share, a discount of 6.5 per cent to Paytm’s closing price on Monday.
It was not immediately clear who the buyers would be.
Paytm and Ant Group did not immediately reply to a request for comment.
Paytm has seen a spate of selldowns in the past two years, including the exit of Warren Buffett’s Berkshire Hathaway and Japan’s SoftBank Group, according to exchange data.
Ant previously sold a 10.3 per cent stake in Paytm in August 2023 to founder and CEO Vijay Shekhar Sharma. REUTERS
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