Shares of One97 Communications Ltd, the parent of Paytm, fell on Tuesday morning after a large block deal in which 1.32 crore shares -- amounting to 2.07 percent of the company’s equity -- changed hands. The shares in the block deal were transacted at Rs 1,307 apiece, taking the total deal value to about Rs 1,722 crore.
Paytm stock briefly slipped to a day’s low of Rs 1,305 (down 2.1 percent) but partly recovered soon after, trading at Rs 1,326.5, down 0.5 percent in morning session.
Tuesday’s block deal comes a day after source-based reports indicated that SAIF III Mauritius, SAIF Partners and Elevation Capital were likely to offload up to 2 percent of Paytm’s outstanding equity via block deals. The floor price for the sale had been set at Rs 1,281 per share -- a 3.9 percent discount to the previous close -- with a 60-day lock-up restricting further stake sales by these investors.
As of the September quarter, SAIF III Mauritius held 10.76 percent in Paytm, while SAIF Partners India IV Ltd held 4.57 percent, making them among the company’s key early investors.
Paytm shares have more than quadrupled from the all-time lows of nearly Rs 300 hit in 2024, though the stock continues to trade below its IPO price of Rs 2,150.
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