Tuesday, November 29, 2022
JVSpin

Term Sheet states that SoftBank would sell up to $215 million shares in Paytm

- Advertisement -

According to the sources, the term sheet claims that SoftBank Group Corp is selling a 4.5% share in One 97 Communications Ltd, the parent company of Indian e-payments giant Paytm, for up to $215 million in a block sale.

Aiming to Sell Shares

The second-largest shareholder of Paytm, whose shares have fallen more than 60% since it went public a year ago, is SoftBank’s Vision Fund. As of September 30, SoftBank has a 17.5% stake in the fintech and digital payments business.

Term Sheet states that SoftBank would sell up to $215 million shares in Paytm
credits – businesstoday.in

According to the term sheet, the price range for the stock is 555 rupees to 601.45 rupees per share, with the lower end of the range giving a 7.7% discount to the company’s most recent closing price. Later on, Thursday, the final pricing will be determined.

1xbit

The transaction is the most recent in a series of divestitures SoftBank has made recently, following losses of roughly $50 billion in only six months at its flagship Vision Fund arm.

According to a person with firsthand knowledge of the situation, hedge funds such as Norges Bank, Norway’s central bank, and Millennium Capital are among those purchasing the majority of the shares, along with Segantii Capital Management and Ghisallo Capital Management. The request for anonymity was made because the information was still secret.

Term Sheet states that SoftBank would sell up to $215 million shares in Paytm
credits – trendlyne.com

SoftBank and Paytm

Requests for comment from SoftBank, Paytm, Millennium, Segantii, Ghisallo, and Norges Bank went unanswered. According to the term sheet, Bank of America is leading the sale of 29 million shares by SoftBank.

After the lock-in period for investors in Paytm’s November 2021 initial public offering closed, the news was released the following day. The company’s shares started trading on Thursday at 546.05 rupees, down 9% from the previous close. SoftBank raised $2.4 billion earlier this year by selling shares in T-Mobile US.

Term Sheet states that SoftBank would sell up to $215 million shares in Paytm
credits – thestreet.com
- Advertisement -

For a realized gain of $5.6 billion, Vision Fund sold a number of businesses in the April-June quarter, including the ride-hailing company Uber Technologies, the real estate platforms Opendoor Technologies, and KE Holdings, which runs China’s Beike.

The largest IPO in Indian history saw Paytm go public last year, but in the months after the IPO, the share price of the company fell as low as 70% below the IPO price. The 17.5% stake SoftBank possessed in the company prior to Thursday’s share sale is only worth approximately $900 million, despite the fact that it has invested $1.6 billion over the years, making it one of SoftBank’s largest investments in India.

Read: Just Unbelievable: Excitel launches 300 Mbps plan @INR-167/month in Mumbai

- Advertisement -
spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles

Bitdefender WW

Stay Connected

220FansLike
122FollowersFollow
187FollowersFollow
Ajio [CPS] IN

Hot Topics

spot_img

Latest Articles

Trending

Featured

Adblocker detected! Please consider reading this notice.

We've detected that you are using AdBlock Plus or some other adblocking software which is preventing the page from fully loading.

We don't have any banner, Flash, animation, obnoxious sound, or popup ad. We do not implement these annoying types of ads!

We need money to operate the site, and almost all of it comes from our online advertising.

Please add technosports.co.in to your ad blocking whitelist or disable your adblocking software.

×
TOP 10 RICHEST CITIES IN INDIA AS PER GDP LAMBORGHINI IS READY TO DOMINATE IN INDIAN ROADS REALME 10 PRO SERIES IS COMING WITH EXCITING FEATURES Black Friday Sale: Best Deals on Lenovo Tablets Toyota Innova Hycross Launched in India with Exciting Features