Berkshire Hathaway exits Paytm; sells 2.46 pc stake for Rs 1,371 crore

Berkshire Hathaway exits Paytm; sells 2.46 pc stake for Rs 1,371 crore

New Delhi, Nov 24 (PTI) Billionaire Warren Buffet-backed Berkshire Hathaway Inc on Friday divested its entire 2.46 per cent stake in Paytm's parent company One97 Communications for Rs 1,371 crore through an open market transaction.

Berkshire Hathaway Inc through its affiliate BH International Holdings sold more than 1.56 crore shares of fintech company Paytm on the National Stock Exchange (NSE).

According to the bulk deal data available with the NSE, BH International Holdings offloaded 1,56,23,529 shares, amounting to a 2.46 per cent stake in Noida-headquartered Paytm.

The shares were disposed of at an average price of Rs 877.29 apiece, taking the transaction value to Rs 1,370.63 crore.

Meanwhile, Copthall Mauritius Investment picked up 75,75,529 shares and Ghisallo Master Fund LP acquired 42.75 lakh shares, amounting to a 1.19 per cent and 0.67 per cent stake in Paytm, respectively.

The shares were purchased at an average price of Rs 877.20 per piece, taking the aggregate deal value to Rs 1,039.52 crore.

Details of the other buyers could not be ascertained.

Shares of One97 Communications declined 3.08 per cent to close at Rs 895 apiece on the NSE on Friday.

In October, Fintech company One97 Communications, which operates under the Paytm brand, reported the narrowing of consolidated loss to Rs 291.7 crore in the second quarter of the current fiscal.

The company had posted a loss of Rs 571.5 crore in the year-ago period.

The consolidated revenue from operations of the company increased about 32 per cent to Rs 2,518.6 crore during the quarter from Rs 1,914 crore a year ago. PTI HG TRB

Disclaimer: This story is auto-generated feed.

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