China’s Ant Group to sell 4% stake in Paytm

NEW DELHI: China’s Alibaba Group is all set to reduce its shareholding in Paytm parent company – One 97 Communications – on Tuesday.

According to sources, Alibaba affiliate Ant Group-backed Antfin Netherlands Holding BV will float 2.6 crore shares, representing around 4% equity, in the open market.

The floor price for each share is kept at Rs 809.75, a 6.5% discount to Monday’s closing prices. Based on this price, the stake sale may fetch the Chinese company about Rs 2,065 crore, based on the minimum price.