India News | Alibaba Sells Remaining Direct Stake in Paytm for About Rs 1,360 Crore

New Delhi, Feb 10 (PTI) Chinese company Alibaba is learnt to have sold 3.16 per cent direct stake in digital financial services firm One97 Communications, which operates under Paytm brand, for about Rs 1,360 crore in a block deal, according to sources.

With this deal, Alibaba has sold its entire direct stake in the company. Alibaba had 6.26 per cent direct stake in Paytm as of December 2022. Of this, it had sold 3.1 per cent stake in January. The remaining 3.16 per cent was sold on Friday.

Also Read | G20 Summit 2023: Haryana To Showcase State Art, Food to Delegates in Gurugram From March 1-3.

"Alibaba has sold its complete direct stake in Paytm in the block deal today," a source aware of the development said.

Besides Alibaba, its group firm Ant Financial holds around 25 per cent stake in Paytm.

Also Read | Chinese Loan Apps Ban: Government Lifts Ban on PayU's LazyPay, Kissht, KreditBee.

Another source said that around 2.8 crore shares were sold in a block deal which includes direct stake of Alibaba while others may have sold for profit-booking.

The trade took place in the price range of Rs 645-655 per share.

Email query sent to Paytm and Alibaba did not elicit any reply in the regard.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)