Chinese e-commerce giant, Alibaba Group, sold a 3.1% stake in the Indian digital payments firm, Paytm, via a block trade on Thursday.
The sale reduces Alibaba’s 6.26% stake (as of September 2022) by almost half, and comes on the back of Paytm’s December decision to approve a $103 million share buyback to soften weak stock performance. Paytm’s stock price closed 2022 60% lower than its January stock price.
US investment bank Morgan Stanley acted as sole placement agent for the block trade, with a source telling Reuters that the stake was sold at 536.95 rupees per share, a 7.3% discount to last close.
Paytm raised $2.5 billion when it listed as India’s biggest ever IPO in 2021 on the Mumbai stock exchange (BSE), however, on its market debut the company’s shares tanked by 27%.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.finextra.com/newsarticle/41598/alibaba-sells-126-million-stake-in-paytm?utm_medium=rssfinextra&utm_source=finextrafeed
- 2021
- 2022
- 7
- a
- Agent
- Alibaba
- and
- approve
- back
- Bank
- Biggest
- Billion
- Block
- chinese
- Close
- closed
- company
- December
- decision
- digital
- Digital Payments
- Discount
- e-commerce
- EVER
- exchange
- Finextra
- Firm
- giant
- Group
- Half
- However
- HTTPS
- in
- india
- Indian
- investment
- IPO
- IT
- January
- Last
- Market
- million
- Morgan
- morgan stanley
- Mumbai
- payments
- Paytm
- performance
- plato
- Plato Data Intelligence
- PlatoData
- price
- raised
- reduces
- Reuters
- sale
- Sells
- September
- Share
- sold
- Source
- stake
- stanley
- stock
- Stock Exchange
- Tanked
- The
- The Block
- to
- trade
- via
- zephyrnet