- On Jan 12, Alibaba Group Holding Limited BABA sold a 3.1% stake in Indian digital payments firm Paytm for $125 million through a block deal.
- Alibaba, which held a 6.26% stake in Paytm as of end-September, sold the stake at ₹536.95 a piece, Reuters reports.
- Morgan Stanley MS reportedly advised Alibaba on the deal.
- Paytm reported strong preliminary figures for the third quarter.
- Formally known as One97 Communications, Paytm was listed in 2021 after a $2.5 billion initial public offer (IPO).
- The stock has plunged around 75% from its IPO offer price as investors started questioning the company's monetization plans amid worries about sky-high valuations of tech companies and economic recession concerns, the report adds.
- In November, Softbank Group Corp SFTBF SFTBY sold a 4.5% stake in Paytm worth $200 million. SoftBank reportedly held a 17.5% stake in Paytm as of Sept 30, 2022.
- Price Action: BABA shares traded lower by 0.96% at $113.92 in the premarket on the last check Thursday.
- Photo by Sasha India via Flickr
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