Paytm: SoftBank fully exits One97 Communication, sells its 1.4% stake

Japan-based SoftBank has sold its remaining stake in One97 Communication, Paytm's parent firm. As per the June data on shareholding, SVF India Holdings (Cayman) Limited (Softbank) has sold its remaining 1.4% share in the fintech major.

SoftBank, chaired by entrepreneur Masayoshi Son, initially acquired a significant 18.5% holding in Paytm during the company's initial public offering approximately three years ago in 2021. SoftBank has gradually divested its shares in Paytm regularly since November 2022 through to last month through a sequence of open-market transactions. As of the conclusion of the quarter ending on March 31, 2024, SoftBank's ownership in Paytm had dwindled to approximately 1.4%, Moneycontrol reported.

A few months back, Softbank fully sold its stake in PB Fintech, the parent of insurance marketplace PolicyBazaar, where it made profits.

Fintech major Paytm's losses widened to Rs 550 crore in the fourth quarter ended March 2024. The same stood at Rs 169 crore in the last year quarter.

Ace investor Akash Bhansali increased his holding in One 97 Communications in the June-ended quarter to 1.21% according to the shareholding data available on the BSE. Apart from One 97 Communications — the company which operates Paytm — Bhanshali publicly holds 19 other stocks with a net worth of over Rs 5,980.4 crore, Trendlyne data said.

On Friday, the shareholding data available on the BSE showed that ace investor Akash Bhansali significantly boosted his ownership stake in One 97 Communications during the quarter ending in June. He rose his stake to 1.21%. 

Retail investors’ shareholdings jumped by 1.30% from 15.32% in the March-ended quarter to 16.56% in the April-June quarter in Paytm.

Last week, the Vijay Shekhar Sharma-led firm announced a meeting of Board of Directors of One 97 Communications Limited is scheduled to be held on Friday, July 19, 2024, inter-alia, to consider and approve the unaudited standalone and consolidated financial results of the Company for the quarter ended June 30, 2024.