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MUMBAI: SoftBank has reduce one other 2.1% inventory in Paytm, lowering its shareholding within the fintech agency to 2.8%, the corporate stated in a latest inventory trade submitting. The Japanese funding behemoth which bets closely on tech corporations has invested over $1 billion into Paytm and held about 18% stake within the Noida-based firm on the time of its preliminary public providing (IPO) in 2021.
Whilst SoftBank has been offloading stakes within the agency, the latest growth additionally comes at a time when Paytm Funds Financial institution (PPBL) has come beneath regulatory scrutiny on account of persistent non-compliance. Paytm founder and CEO Vijay Shekhar Sharma is the most important shareholder in PPBL with a 51% stake whereas Paytm dad or mum One 97 Communications holds a 49% stake within the banking entity whose operations have been restricted by the Reserve Financial institution of India (RBI). The central financial institution has directed PPBL to cease accepting cash in any buyer account, together with wallets and different pay as you go devices akin to FASTags, NCMC (nationwide frequent mobility playing cards utilized in metro and different transport) or another instrument after March 15 following lapses complying with the regulatory framework on KYC and relationship with dad or mum.
SoftBank’s affiliate SVF India Holdings (Cayman) offered 13.8 million Paytm shares by means of open market transactions between January 23-February 26, 2024, the submitting confirmed. The agency had offered about 12.7 million shares of Paytm by means of comparable transactions between December 19, 2023-January 20, 2024, offloading 2% stake within the course of and bringing its shareholding right down to the fintech to five.06%.
SoftBank which has backed a clutch of Indian unicorns like Ola Electrical, Oyo and Swiggy has been paring its stake in native startups. Just lately, it totally exited PB Fintech which runs Policybazaar and Zomato. In November, Warren Buffett’s Berkshire Hathaway had exited Paytm by promoting its 2.46% stake within the startup.
Share value of Paytm closed at Rs 405.2 apiece on the BSE on Thursday, down 0.2%.
Whilst SoftBank has been offloading stakes within the agency, the latest growth additionally comes at a time when Paytm Funds Financial institution (PPBL) has come beneath regulatory scrutiny on account of persistent non-compliance. Paytm founder and CEO Vijay Shekhar Sharma is the most important shareholder in PPBL with a 51% stake whereas Paytm dad or mum One 97 Communications holds a 49% stake within the banking entity whose operations have been restricted by the Reserve Financial institution of India (RBI). The central financial institution has directed PPBL to cease accepting cash in any buyer account, together with wallets and different pay as you go devices akin to FASTags, NCMC (nationwide frequent mobility playing cards utilized in metro and different transport) or another instrument after March 15 following lapses complying with the regulatory framework on KYC and relationship with dad or mum.
SoftBank’s affiliate SVF India Holdings (Cayman) offered 13.8 million Paytm shares by means of open market transactions between January 23-February 26, 2024, the submitting confirmed. The agency had offered about 12.7 million shares of Paytm by means of comparable transactions between December 19, 2023-January 20, 2024, offloading 2% stake within the course of and bringing its shareholding right down to the fintech to five.06%.
SoftBank which has backed a clutch of Indian unicorns like Ola Electrical, Oyo and Swiggy has been paring its stake in native startups. Just lately, it totally exited PB Fintech which runs Policybazaar and Zomato. In November, Warren Buffett’s Berkshire Hathaway had exited Paytm by promoting its 2.46% stake within the startup.
Share value of Paytm closed at Rs 405.2 apiece on the BSE on Thursday, down 0.2%.
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2024-02-29 13:55:54
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