Paytm block deal today: Stock in focus as Resilient AM may sell 4.98% stake at 3% discount

One 97 Communications Ltd, the parent of Paytm, is in focus on Tuesday after Resilient Asset Management BV announced selling of up to 4.98 per cent stake in the digital payments and financial services platform through a block deal under its existing optionally convertible debenture agreement with Antfin (Netherlands) Holding B.V.

In a filing to stock exchanges, Paytm said the economic value from the proposed sale will be retained by Antfin under the agreement. To recall, Resilient had acquired 10.20 per cent stake in the Paytm parent from Antfin in August 2023 against debentures issued to Antfin, while the economic interest continued to belong to Antfin.

One 97 infromed stock exchanges that it was not a party to the transaction and there would be no change in the direct shareholding of its founders.

"The company has been informed by Resilient Asset Management B.V. ("Resilient") that it proposes to undertake a "Block Market Trade" to sell up to 4.98% shareholding in One 97 Communications Limited ("Company" or "Paytm") under its existing Optionally Convertible Debenture ("OCD") agreement with Antfin (Netherlands) Holding B.V. ("Antfin"). The economic value to be received by Resilient will be retained by Antfin under the OCD agreement," Paytm said.

As per termsheet seen by Business Today, shares will be offloaded at around the floor price of Rs 1,535.10, which was at 2.9 per cent discount to Paytm's Monday closing price of Rs 1,580.20 per share on NSE. The deal size is estimated at Rs 1,946 crore. Up to 1.92 crore shares will change hands. There will be a lock up period of 90 days.

On Monday, One 97 Communications shares settled 1.4 per cent lower at Rs 1,580.20 on the National Stock Exchange