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Reliance Capital plans to sell 1% stake in Paytm for $50-60 mn

Press Trust of India  |  New Delhi 

Capital is in talks to sell its one per cent shareholding in payments firm Paytm for about USD 50-60 million.

According to sources, Capital is planning to raise USD 50-60 million by selling its one per cent share in One97 Communications, the parent company of Paytm.

When contacted, both Capital and Paytm spokespersons declined to comment on the matter.

Earlier, Capital had said it will trim down its proprietary investment portfolio as part of its plans to monetise non-core assets.

Alibaba-backed Paytm was valued at about USD 4.8 billion in its last round of funding.

In December last year, Paytm founder and CEO Vijay Shekhar Sharma sold 1 per cent of his holding in One97 Communications to raise about Rs 325 crore.

This money was to be pumped into the group's payments operations which are slated to commence later this month.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 17 2017. 16:57 IST