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Softbank to sell Paytm shares worth $200 million via block deal tomorrow: Reports

Japanese conglomerate SoftBank Group is trying to promote shares of dad or mum One97 Communications value $200 million by a block deal on Thursday, in accordance with media reviews.

BofA Securities is the banker for the deal, and the worth vary for the sale has been set at Rs 555-601. The decrease finish of the worth band is a 7.7% low cost to Wednesday’s shut worth of Rs 601.45 on the Nationwide Inventory Trade.

As of September 30, SoftBank held a 17.45% stake within the fintech agency by SVF India Holdings (Cayman) put up the sale on Thursday — its stake is prone to fall to 12.9%, reviews mentioned.

SoftBank had invested $1.6 billion in Paytm and had bought a partial stake value $220-250 million within the preliminary public providing final 12 months.

SoftBank’s funding within the fintech main is beneath losses, because the inventory has corrected greater than 72% from its difficulty worth of Rs 2,150.

Softbank is probably going promoting its stake because the one-year lock-in for present buyers ends.

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