China's Ant Group to sell 4pc stake in India's Paytm for 242-dollar million
Technology
China's Ant Group to sell 4pc stake in India's Paytm for 242-dollar million
(Reuters) - China's Ant Group will sell a 4% stake in Indian payments firm Paytm (PAYT.NS), for $242 million, a term sheet seen by Reuters on Monday showed.
Ant, an affiliate of Chinese conglomerate Alibaba Group (9988.HK), will sell the stake at 809.75 rupees per share, a discount of 6.5% to Paytm's closing price on Monday.
Paytm and Ant Group did not immediately reply to a request for comment.
Paytm has seen a spate of selldowns in the past two years, including the exit of Warren Buffett's Berkshire Hathaway (BRKa.N), and Japan's SoftBank Group (9984.T), according to exchange data.
Ant previously sold a 10.3% stake in Paytm to founder and CEO Vijay Shekhar Sharma in August 2023.
