Shares of One 97 Comunications Ltd fell over 3 per cent in Thusrday's trade after SoftBank said it sold 2.07 per cent stake in fintech platform in a series of open market transactions since February 2023 to comply with market regulator Sebi's takeover regulations.
Softbank said it sold an aggregate of 13,103,148 equity shares of Paytm in a series of disposals undertaken between February 10 to May 8. The disclosure obligation under Regulation 29(2) of the SEBI Takeover Regulations was triggered pursuant to the disposal of 433,501 equity shares of the Paytm on May 8, which coupled with the previous disposals, breached the 2 per cent threshold, Softbank said.
Following the development, the Paytm stock fell 3.33 per cent to hit a low of Rs 703.30 on BSE. At this price, the 13,103,148 equity shares that Softbank sold were amounted to Rs 921 crore or about $112 million at rupee-dollar exchange rate of 81.96.
Softbank's held 8,16,10,229 shares or 12.88 per cent stake in Paytm as of March 31 through SVF India Holdings (Cayman) Limited, shareholding data showed. As per the Softbank filing, it held 83,912,230 shares and 13.24 per cent voting rights. With the disposal of 2.07 per cent stake, Softbank is left with 70,809,082 shares or 11.17 per cent stake in the new age company.
SVF India Holdings (Cayman) disposed shares of One 97 Communications, with the disposal of shares on May 8 breaching the 2 per cent threshold.
As per a media report, the deal was worth nearly $120 million. Post the sale, SoftBank will have around 11.17 per cent stake left in Paytm, which is around 70,809,082 shares, the media report suggested quoting sources.
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