SoftBank to sell up to $215 mln stake in India's Paytm - term sheet (updated)

KE Holdings

17/11/2022 01:21

(Changes sourcing, adds details)
       SYDNEY, Nov 17 (Reuters) - SoftBank Group Corp  9984.T 
aims to sell shares worth up to $215 million in Indian
e-payments giant Paytm's parent One 97 Communications Ltd
 PAYT.NS  through a block deal, according to a term sheet
reviewed by Reuters.
    SoftBank had a 17.5% stake in the digital payments and
fintech company, as of Sept. 30. The stock is being sold in a
range of 555 rupees to 601.45 rupees per share, the term sheet
said.
        The lower end of the range is at a 7.7% discount to the
company's last closing price. The final price in the sale will
be set later Thursday.
    The sale is the latest in a string of divestments that
SoftBank has made in the past few months, after its flagship
Vision Fund unit booked nearly $50 billion in losses in just six
months.
    SoftBank and Paytm did not respond to requests for comment.
        SoftBank is selling 29 million shares in the deal which
is being led by Bank of America, according to the term sheet.
    The news comes a day after the lock-in period for investors
in Paytm's November 2021 initial public offering closed. Shares
of the company settled 4% lower on Wednesday at 601.30 rupees,
after touching a five-month low.
    SoftBank raised $2.4 billion selling shares in T-Mobile US
 TMUS.O  earlier this year.
    Vision Fund sold a range of assets in the April-June quarter
- including ridehailer Uber Technologies  UBER.N  and property
platforms Opendoor Technologies  OPEN.O  and KE Holdings
 2423.HK , which operates China's Beike - for a realised gain of
$5.6 billion.
 (Reporting by Scott Murdoch in Sydney, Nandan Mandayam in
Bengaluru; Editing by Devika Syamnath and Kenneth Maxwell)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))