Antfin exits Paytm in Rs 3,800 crore bulk deal. What zero-Chinese ownership means for investors
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Marking a complete exit for Chinese investors from fintech One 97 Communications, which runs the payments platform Paytm, Ant Group's Antfin on Tuesday sold its entire 5.84% stake in large bulk deals valued at around Rs 3,800 crore. Antfin (Netherlands) Holding B.V., which is considered a Chinese entity as it is backed by Alibaba, is understood to have undergone a clean-up trade in Paytm this morning. It had appointed Goldman Sachs and Citi for the bulk deal, which was executed at a floor price of Rs 1,020 per share, market sources said. Following the deal, Paytm shares fell up to 1% to Rs 1,058 on BSE, but brokerages said the stock can also get some buoyancy considering the end of the Chinese overhang and could even be a precursor to the company receiving certain regulatory approvals. Antfin is the last remaining Chinese shareholder, and now Paytm will no longer have any Chinese ownership. "With the long-standing overhang from a...