Ant Group Set to Offload Paytm Stake in Major Deal

One97 Communications' shares, owning the Paytm brand, declined over 1% due to reports about Ant Group's potential stake sale. The stock ended at Rs 856.55 on BSE and Rs 856 on NSE. Ant Group plans to sell up to 4% of its stake via bulk deals on May 13 through Goldman Sachs and Citigroup.

Shares of One97 Communications, which owns the Paytm brand, saw a decline of over 1% on Tuesday as reports emerged that Ant Group intends to sell up to 4% of its stake in the fintech firm, approximating Rs 2,066 crore.

On the BSE, the stock concluded at Rs 856.55 per share, after falling as much as 4.99% to Rs 823.10 during trading hours. Meanwhile, on the NSE, the shares dipped 1.16%, ending at Rs 856, with an intraday low of Rs 830.55.

Ant Group, affiliated with the Chinese giant Alibaba Group, plans to carry out the stake sale through bulk deals on May 13 on both BSE and NSE. The transaction, involving up to 25.5 million shares of Paytm, will be facilitated by Goldman Sachs and Citigroup as placement agents.

(With inputs from agencies.)