Warren Buffett-led Berkshire Hathaway has exited One 97 Communications (Paytm), according to bulk deals data published by National Stock Exchange.
Berkshire sold its entire stake, which were bought by Ghisallo Master Fund and Copthall Mauritius Investment. They bought 42,75,000 and 75,75,529 shares, respectively.
The transaction happened at an average price of Rs 877.2 per share. Berkshire pocketed nearly Rs 1,371 crore from the deal.
Earlier in the day shares of Paytm tanked 3.23 percent to Rs 893.
According to the shareholding data as of September-end, Berkshire via BH International held 1,56,23,529 shares in the company. This amounted to 2.46 percent stake in the firm.
According to the IPO prospectus, the average cost of acquisition for BH International was Rs 1,279.7 per share. It had bought shares worth Rs 2,179 crore in September 2018.
BH International initially sold shares worth Rs 301.70 crore during the IPO at Rs 2,150 per share. Including the today's transaction where it sold shares worth Rs 1,371 crore, it bagged a total Rs 1,672.7 crore from its investment in Paytm. This amounts to a loss of about Rs 507 crore.
Key pre-IPO investors of Paytm have been offloading their investments in the company as the stock started recovering. Before Berkshire, SoftBank has been offloading shares regularly over the last few months in small tranches through open market transactions.
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