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Updated January 24th, 2024 at 13:42 IST

SoftBank trims Paytm stake by 2% in latest sell-off

Japanese conglomerate further reduced its ownership in Paytm to 5.06 per cent.

Business Desk
SoftBank arm trims stake in Paytm
SoftBank's Indian startup portfolio remains resilient, with about 50% of companies nearing or surpassing break-even points, demonstrating agility in cost-cutting amid economic challenges. | Image:SoftBank
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SoftBank stake in Paytm: In a continuation of sell off in the digital payments company Paytm, SoftBank Group has offloaded an additional 2 per cent of its stake, as disclosed in an exchange filing on Wednesday. The Japanese conglomerate executed the share sale between December 19 and January 20, further reducing its ownership in Paytm to 5.06 per cent.

This move follows a series of divestments in Paytm, including exits from prominent entities such as Warren Buffett's Berkshire Hathaway and China's Alibaba Group. Additionally, the Netherlands-based unit of Ant Financial, a Chinese fintech firm, has also reduced its stake in Paytm. The specific financial details of the recent deal and the identities of the buyers remained undisclosed.

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Gradual stake reduction

SoftBank's gradual reduction in its stake in Paytm has been an ongoing trend over the past few years, with the conglomerate opting for open market deals to realign its investment portfolio.

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Despite the divestments, Paytm has seen positive market performance, with its shares witnessing a nearly 19 per cent increase since the beginning of the year. However, on the day of the disclosure, Paytm's shares saw a marginal decline of 0.81 per cent.

As of 1:38 pm, Paytm shares traded 0.34 per cent higher at Rs 758.

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(with Reuters inputs)

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Published January 24th, 2024 at 13:42 IST

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