SoftBank reduces stake in Paytm by 2.2%: Report
Japan-based SoftBank has been continuously reducing its stake in Paytm ever since the fintech company went public in 2021.
SoftBank Group has reduced its stake in the beleaguered fintech company by 2.2% after selling its shares in January, according to media reports.
According to The Economic Times, the Masayoshi Son-led SoftBank sold more than 1.3 crore shares in One 97 Communications, the parent company of Paytm, in the open market during this period.
Following the sale, SoftBank—through its affiliate SVF India Holdings (Cayman)—now holds a 2.83% stake in the company, down from 5.01% earlier. The Japanese investment bank held an 18.5% stake in Paytm before its IPO in 2021.
Notably, SoftBank's latest move came before the Reserve Bank of India (RBI) passed stringent directives against the Vijay Shekhar Sharma-led company.
Paytm's shares have been on a downward trend ever since its stock was listed in 2021. The RBI directive further sent the company's share price lower, and on Thursday, it closed at Rs 405 apiece, down 0.23% on the BSE.
Recently, One 97 Communications has seen its other investors like Warren Buffet-led Berkshire Hathaway and Alibaba Group of China completely exit the firm in 2023. Ant Financial, the subsidiary of Alibaba, has also reduced its stake in the company.
Edited by Suman Singh
