Paytm goes China-free, eliminates Chinese ownership in Rs 38000000000..., Indian investor can now...
Paytm goes China-free: In a major development for investor sentiment and the India digital economy, Jack Ma's Chinese giant Antfin has fully exited Indian financial technology company Paytm. Eliminating all Chinese ownership from the fintech major, the Netherland based Chinse company has sold the entire 5.84% stake in large bulk deals valued at around Rs 3,800 crore. The move is seen as a big positive for Indian investors as it eases regulatory concerns and is expected to boost institutional interest in the stock.
What Billionaire Jack Ma's Ant Financial exit indicates?
In the recent development, billionaire Jack Ma's Ant Financial exited One97 Communications, the parent company of Paytm, by selling its entire 5.84 per cent stake for around Rs 3,803 crore. Following the stake sale, shares of One97 Communications fell 1.45 per cent to Rs 1,062.60 apiece on the NSE, while the scrip of the company went lower by 1.23 per cent to Rs 1,065 on the BSE, as per a report by PTI news agency. Why Chines exit is a good news for India?
Antfin's complete exit removes Chinese ownership from Paytm, which can potentially attract a wider range of investors who were previously cautious due to the Chinese ownership along with geopolitical and regulatory risk. Who does Ant Group belong to?
Ant Group, through its affiliate Antfin (Netherlands) Holding BV, has offloaded the shares of Noida-based One97 Communications. Ant Group, formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group.
According to the term sheet reviewed by PTI, the sale involves up to 37.3 million or 3.73 crore equity shares or 5.84 per cent stake in One97 Communications. The shares were sold at a floor price of Rs 1,020 per share, which represents a discount of up to 5.4 per cent to Paytm's closing price of Rs 1,078.20 on the NSE as of Monday.
(With inputs from agencies)
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