Days after Paytm reported its first-ever quarterly profits, Alibaba Group has completely exited the Indian company by selling its remaining stake for ₹1,378 crore. The shares were sold through a block deal at ₹642.74 a share — a 9 per cent discount to Thursday’s close.
At the end of December 2022, Alibaba had 6.26 per cent stake in the fintech firm and sold around 3 per cent of it in January.
In November last year, the Japanese SoftBank Group sold 29 million shares of Paytm, or a 4.5 per cent stake, worth about $200 million through a block deal.
The lock-in period for pre-initial public offering investors of Paytm ended on November 15.