Paytm shareholder Antfin is likely to sell a 3.6 per cent stake in the payments company through a block deal on Friday as it further reduces its stake in the company, according to a CNBC-TV18 report on Thursday.
According to the report, the floor price for the sale has been fixed at Rs 880 per share, which is a 2.7 per cent discount on Paytm’s last closing price of Rs 904.45.
Citi has been appointed as the broker for the deal, which the broadcaster said is valued at a total of $234 million.
Earlier this month, Paytm said Chief Executive Vijay Shekhar Sharma would buy a 10.3 per cent stake held by Antfin in the firm he founded – in a deal that made him its single largest shareholder.
Antfin is the Netherlands-based arm of Chinese fintech giant Ant Financial. The company, whose stake in Paytm fell to 13.49 per cent after the earlier deal, could further reduce its stake to under 10 per cent.
Antfin’s selldown comes after China’s Alibaba sold its entire stake in Paytm in February. Japan’s Softbank Group has also been cutting its stake in Paytm through open market deals, with its holding down to 9.18 per cent after its latest deal.
(With Inputs from Agencies)
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