SoftBank sells 2% stake in Paytm to meet SEBI takeover rules

SoftBank on Thursday announced that it has sold 2.07% stake in One 97 Communications, which runs the fintech platform Paytm, in a series of open market transactions since February 2023 to comply with market regulator Sebi’s takeover regulations.

“SVF India Holdings (Cayman) has disposed of an aggregate of 13,103,148 equity shares of One 97 Communications Limited in a series of disposals undertaken between February 10, 2023 to May 8, 2023, with the disposal on May 8, 2023 breaching the 2% threshold specified in Regulation 29(2) of the SEBI Takeover Regulations,” SoftBank informed stock exchanges.