“SVF India Holdings (Cayman) has disposed of an aggregate of 13,103,148 equity shares of One 97 Communications Limited in a series of disposals undertaken between February 10, 2023 to May 8, 2023, with the disposal on May 8, 2023 breaching the 2 per cent threshold specified in Regulation 29(2) of the Sebi Takeover Regulations,” SoftBank said in a regulatory filing to the stock exchanges.
As a result of the stake sale, SoftBank’s 13.24 per cent stake in Paytm has now reduced to 11.17 per cent. This is around 70,809,082 shares.
This comes at a time when SoftBank on Thursday reported a net loss of 970 billion yen ($7.18 billion) for the year ended March 31, compared with a 1.7 trillion yen ($13 billion) loss in the same period a year earlier.
In November 2022, SoftBank sold around 4.5 per cent stake in Paytm for Rs 1,631 crore through an open market transaction. The Japanese conglomerate had invested $1.6 billion in Paytm in 2017. It offloaded shares worth $220 million at the time of its initial public offering (IPO).
Paytm recently announced its Q4FY23 results. Its consolidated net loss narrowed to Rs 168.4 crore in the fourth quarter of FY23, compared to a loss of Rs 761.4 crore in the same period last year.
Paytm’s revenue from operations was Rs 2,334.5 crore in Q4FY23. It registered a growth of 51.5 per cent from Rs 1,540.9 crore in Q4FY22.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.