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SoftBank sells 2% stake in Paytm

Economic Times

Economic Times · 1y ago

SoftBank sells 2% stake in Paytm

Japanese investor SoftBank Group Corp has sold a 2.17% stake in Indian payments firm Paytm, according to an exchange filing. This follows a previous announcement by SoftBank that it had sold a 2% stake in fintech company One97 Communications, the parent company of Paytm. SoftBank has been decreasing its stake in Paytm as it reportedly plans to eventually exit the company entirely.

Related News

SoftBank Again Offloads Stake In Paytm, Sells 1.37 Cr Shares

Inc42 · 1y ago

SoftBank Again Offloads Stake In Paytm, Sells 1.37 Cr Shares

Japanese tech conglomerate SoftBank has sold over 2% stake in fintech giant Paytm through open market transactions. Between January 23 and February 26, SoftBank sold 1.37 crore shares, reducing its stake in Paytm from 5.01% to 2.83%. This is the second stake reduction by SoftBank in Paytm this year, following a 2% stake sale in January. SoftBank has been steadily reducing its stake in Paytm as well as other listed companies in its portfolio. The fair value of SoftBank's India investment portfolio stood at nearly $14 billion as of December 2023.

SoftBank fully exits Paytm at higher-than-expected net loss of $264.8 Million

YourStory

YourStory · 8m ago

SoftBank fully exits Paytm at higher-than-expected net loss of $264.8 Million

SoftBank Group has finalized its exit from Indian fintech company Paytm by selling its Singapore subsidiary's stake in PayPay Corporation to a SoftBank Vision Fund 2 entity for $279.2 million. This transaction severs all investment ties between SoftBank Group and Paytm. SoftBank had already sold its direct stake in Paytm earlier in 2024, incurring a loss of $544 million. The sale of PayPay stake in Paytm was projected to fetch proceeds of $390-450 million, but the lower sale price results in a final net loss of $264.8 million for SoftBank.

Paytm sells ₹2,364 crore stake in Japan's PayPay to SoftBank

Inshorts · 8m ago

Paytm sells ₹2,364 crore stake in Japan's PayPay to SoftBank

Paytm's subsidiary One97 Communications Singapore Pvt Ltd has completed the sale of a 5.4% stake in Japan's digital payment company PayPay. The Paytm unit sold the stake to SoftBank Vision Fund 2 for ₹2,364 crore. The sale is part of Paytm's efforts to offload non-core assets and focus on the core payments solutions business.

SoftBank sold majority stake in Paytm before regulatory scrutiny

Livemint

Livemint · 1y ago

SoftBank sold majority stake in Paytm before regulatory scrutiny

SoftBank Group Corp. has sold a majority of its stake in Paytm before regulatory scrutiny caused the Indian fintech firm's shares to plummet. SoftBank's executive managing partner, Navneet Govil, stated that they felt it was prudent to start monetizing due to growing uncertainty in India's regulatory environment. Paytm has faced warnings from regulators regarding its dealings between its payments app and banking arm, resulting in a significant decline in its stock price. SoftBank has been offloading Paytm shares since November 2022. Their remaining stake is undisclosed.

SoftBank's stake in Paytm slips below 1%

Economic Times

Economic Times · 1y ago

SoftBank's stake in Paytm slips below 1%

SoftBank, the Japanese investor, has reduced its stake in Paytm, the fintech's parent company, One 97 Communications. The foreign direct investment (FDI) shareholding in Paytm decreased by 2% to 37.7%, and SoftBank's shareholdings fell below 1%. Domestic investors, including retail shareholders and mutual funds, increased their shareholding in the company in the first quarter of the fiscal year. Paytm reported an increase in retail investors' shareholding by 1.3% to 16.56% and mutual funds' shareholding by 0.65% to 6.8%. At the end of the fiscal year, Paytm had a total operational revenue of Rs 7,660 crore and a net loss of Rs 1,476 crore.

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

Entrackr

Entrackr · 1y ago

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

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.

SoftBank offloads another 2% stake in Paytm parent for $114 Mn

Inc42 · 1y ago

SoftBank offloads another 2% stake in Paytm parent for $114 Mn

Japanese tech conglomerate, SoftBank, has sold another 2% stake in One97 Communications, the parent company of Paytm, for INR 950 crore ($114 million). This move was part of SoftBank's ongoing effort to reduce its shareholding in the company to around 5%. Paytm, meanwhile, managed to reduce its net loss by 43% in Q3 FY24, reaching INR 222 crore compared to INR 392 crore in the same period last year. The company's operating revenue also rose by 38% to INR 2,850 crore.

One97 Communications Singapore approves sale of stake in PayPay

Economic Times

Economic Times · 8m ago

One97 Communications Singapore approves sale of stake in PayPay

Paytm's parent company, One97 Communications, has announced the approval for the sale of its shareholding in PayPay Corporation, a Japan-based payments firm. The transaction is still subject to clearances and corporate approvals. The move is expected to increase One97 Communications' cash balances. Paytm is reportedly selling its stake in PayPay to SoftBank for around $250 million. This comes as Paytm continues to face regulatory scrutiny in its payments bank business and follows the sale of its ticketing business, Paytm Insider, to Zomato earlier this year. Paytm's shares closed 2% higher at Rs 975.80 on the BSE.

Domestic investors, mutual funds increase stake in Paytm

Economic Times

Economic Times · 1y ago

Domestic investors, mutual funds increase stake in Paytm

According to the latest shareholding pattern, domestic mutual funds have increased their stake in Paytm. Mirae Mutual Funds and Nippon Mutual Funds are among the funds that have increased their stake in the company. Domestic retail investors also increased their shareholding in Paytm, while SoftBank reduced its stake. The founder of Paytm, Vijay Shekhar Sharma, entered into an agreement with Ant Financial to buy a stake in the company. The cost of funds for fintechs and NBFCs is expected to go up due to new regulatory norms.

SoftBank to cut stake in Paytm to below 3%

VCCircle

VCCircle · 1y ago

SoftBank to cut stake in Paytm to below 3%

Japanese conglomerate SoftBank Group has further decreased its stake in Indian payments company Paytm to 2.83% from 5.01%, according to an exchange filing. SoftBank had a 17.5% stake in Paytm in September 2022 and has been reducing its ownership through multiple open market deals over the past year. Other global investors such as Berkshire Hathaway and Alibaba Group have also exited the firm, while some, like a Dutch unit of Ant Financial, have reduced their stake. Paytm's stock has fallen 48.5% and lost approximately $2.8bn in value since the Reserve Bank of India ordered the company to wind down its banking arm.

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