Paytm share price: Rs 2,949 crore worth shares changed hands in block; stock rises

Paytm parent One 97 Communications Ltd saw its shares rising 1 per cent in Tuesday's trade after Rs 2,948.94 crore worth 1,92,10,110 Paytm shares changed hands in a block at Rs 1,535.10 apiece, a 2.85 per cent discount to Monday's closing price of Rs 1,580.20.

This comes a day 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.

The Paytm stock opened negative at Rs 1,573 but soon recovered. It was trading 0.84 per cent higher at Rs 1,596.45 apiece at 9.17 am.

As per term sheet seen by Business Today, the floor price of the deal was set at 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 base deal size was estimated at Rs 2,948.90 crore. Up to 1.92 crore shares were expected to change hands, accounting for 3 per cent stake. That said, it was an upsize option of selling an additional 1.27 crore or 1.98 per cent stake for about Rs 1,946 crore. As per the term sheet, there will be a lock up period of 90 days.

In a filing to stock exchanges on Monday, Paytm had said that 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.