🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

SoftBank’s holding in Paytm down to 2.83% from 13.24% in 10 months

EntrackrEntrackr · 1y ago
SoftBank’s holding in Paytm down to 2.83% from 13.24% in 10 months
Medial

SoftBank has divested its stake worth Rs 580 crore in Paytm. This marks the fifth instance of SoftBank’s disposal of its shares in the company in the ongoing fiscal year. Now, the VC’s stake in Paytm has reduced to nearly 3%. The board at Paytm has approved the disposal of 1,37,84,787 equity shares in a series of disposals between January 23 and February 26, breaching the specified threshold of 2% of SEBI’s takeover regulations. During this disinvestment, SoftBank disposed of its 2.17% stake which contracted its shareholding from 5.01% to 2.83%, regulatory filing accessed from National Stock Exchange shows. SoftBank has already disposed of Rs 3,800 crores of worth shares in the current fiscal year ( May, July, December, and January). The disposal sums up to Rs 4,380 crore (as per the share price on the date of transactions). SoftBank has been on a stake-selling spree in companies that filed IPOs in the past two to three years. It has exited completely from PolicyBazaar while SoftBank’s Singapore entity also divested entirely from Zomato. Even as SoftBank is grappling with a financial crisis, Paytm is also in the soup over regulatory concerns. Earlier this year, the Reserve Bank of India (RBI) imposed a set of business restrictions on Paytm Payments Bank over non-compliance and regulatory concerns. The business restrictions are set to impact Paytm’s different business verticals related to the payments bank. Since then, Vijay Shekhar Sharma has stepped down from his position as part-time non-executive chairman and board member of Paytm Payments Bank. The company also announced that it has reconstituted its board of directors with the appointment of former Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal. “…PPBL has informed us that they will commence the process of appointing a new chairman,” Paytm-parent One97 said in a disclosure earlier this week.

Paytm terminates inter-company agreements with payments bank unit

EntrackrEntrackr · 1y ago
Paytm terminates inter-company agreements with payments bank unit
Medial

Paytm has discontinued inter-company agreements between the company and Paytm Payments Bank Limited (PPBL), according to a filing by the parent company, One97 Communications, on the stock exchange. The new measures aim to ensure the independent operations of PPBL, the company added. “Further, the shareholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to support PPBL’s governance, independent of its shareholders. The Board of OCL approved the termination of agreements and amendment of SHA on March 1, 2024,” One 97 Communications said [pdf]. The company reiterated its commitment to entering into new partnerships with other banks and taking measures to ensure uninterrupted services to its customers and merchants. Earlier this week, Vijay Shekhar Sharma stepped down from his position as part-time non-executive chairman and board member of PPBL. The company also announced the reconstitution of its board of directors and plans to soon appoint a new chairman. The developments come in the wake of the Reserve Bank of India (RBI) imposing a set of business restrictions on Paytm Payments Bank over non-compliance and regulatory concerns. The business restrictions are set to impact Paytm’s business verticals related to the payments bank, though the RBI has granted a few temporary reliefs. Meanwhile, SoftBank has divested its stake worth Rs 580 crore in Paytm. This marks the fifth instance of SoftBank’s disposal of its shares in the company in the ongoing fiscal year. Now, the VC’s stake in Paytm has reduced to nearly 3%. During this disinvestment, SoftBank disposed of its 2.17% stake which contracted its shareholding from 5.01% to 2.83%, according to regulatory filings. SoftBank has already disposed of Rs 3,800 crores of worth shares in the current fiscal year ( May, July, December, and January). The disposal sums up to Rs 4,380 crore (as per the share price on the date of transactions).

Ant Group to sell 4% stake in Paytm for $242 Mn: Report

EntrackrEntrackr · 2m ago
Ant Group to sell 4% stake in Paytm for $242 Mn: Report
Medial

Ant Group to sell 4% stake in Paytm for $242 Mn: Report Ant Group is reportedly planning to divest a 4% stake in Indian payments firm Paytm for $242 million. According to a term sheet reviewed by Reuters, the stake will be sold at Rs 809.75 per share, representing a 6.5% discount to Paytm’s closing price on Monday. The report added that Goldman Sachs India Securities and Citigroup Global Markets India will manage the transaction. The identity of the buyers couldn’t be ascertained. This sale follows previous stake reductions by Ant Group, including a 10.3% stake sold to Paytm founder and CEO Vijay Shekhar Sharma in August 2023. Paytm has seen several stake sales over the past two years, with major investors like Warren Buffett’s Berkshire Hathaway and Japan’s SoftBank Group exiting their holdings. Ant Group, an affiliate of Alibaba Group, was also a key shareholder in the company.

Download the medial app to read full posts, comements and news.