Alibaba Group, sold a 3.1% stake in the Indian digital payments firm, Paytm, via a block trade on Thursday
IN BRIEF:
The sale reduces Alibaba’s 6.26% stake by almost half
This comes on the back of Paytm’s December decision to approve a $103 million share buyback to soften weak stock performance
Paytm raised $2.5 billion at IPO in 2021, however, on its market debut the company's shares fell by 27%
What does this mean?
US investment bank Morgan Stanley acted as sole placement agent for the block trade, with a source telling Reuters that the stake was sold at 536.95 rupees per share, a 7.3% discount to last close.
