Promoter Antfin (Netherlands) Holding BV is likely to sell a 3.6% stake or nearly 23 million shares in One97 Communications, the parent company of Paytm, through a block deal on Friday, according to media reports.
The transaction will be done at Rs 880.1 per share, or at a 2.7% discount to the last closing price.
As of June 30, Antfin held a 23.8% stake in the company. The deal will reportedly be brokered by Citigroup Global Markets India.
Earlier this month, Paytm’s founder and CEO Vijay Shekhar Sharma entered into an agreement to buy a 10.3% stake in the company through an off-market transfer from Antfin. On the completion of the deal, Sharma’s stake in the company will rise to 19.42% whereas Antfin’s stake will reduce to 13.5%.
According to the recently-disclosed annual report, the company’s total revenue rose to Rs 7,990 crore in 2022-23 (April-March) from Rs 2,802 crore in 2020-21.
Revenue of the payments business grew to Rs 4,930 crore in 2022-23 from Rs 1,981 crore in 2020-21. The payments business contributed 62% to the company’s total revenues in 2022-23.
On Thursday, shares of Paytm closed 0.2% lower at Rs 04.20 on the BSE.