Antfin Holdings to sell 3.6% in Paytm through block deal
block deal on Friday, documents reviewed by ET showed.
Jack Ma-founded Antfin will be selling the shares at ₹880 apiece, a discount of nearly 3% to Thursday's closing price of ₹904.4. Citibank is the broker for the deal.
Antfin, which owned 23.79% stake in Patym at the end of the June quarter, sold 10.3% stake in the fintech company earlier this month.
The stake was sold to Vijay Shekhar Sharma-owned Resilient Asset Management through an off-market transaction.
With today's sale and the one earlier in the month, Antfin's stake in the company is likely to be below 10%, displacing it as the company's single-largest stakeholder.
Earlier on Thursday, shares of Paytm hit their highest level in more than 18 months after Bernstein initiated coverage on the stock with an 'outperform' rating. The brokerage has a target price of ₹1,100 for the shares, implying a near 22% upside from the current levels.
Shares of Paytm have rallied more than 70% in 2023 as compared to over 9% gains in the BSE 500 index.
