Softbank to divest 29 mn shares in Paytm via block deals on Thursday

Floor price set at Rs 555, 8% discount to last close

SoftBank plans to offload 29 million shares in One97 Communications, which operates India’s largest payments platform Paytm. The global tech investor is offering shares in the range of Rs 555-Rs 601.45 via block deals which will get executed on Thursday. The floor price for the share sale is nearly 8 per cent lower than Paytm’s last closing price of Rs 601.6. The share sale comes close on the heels of the end of one-year post-IPO lock up period on Paytm shares. Shares of Paytm declined nearly 4 per cent on Wednesday.

Currently, SoftBank Vision Fund (SVF) holds around 113 million,