India's Paytm parent falls 10% on SoftBank's stake sale report

Kirloskar Oil Engines

17/11/2022 04:19

** Shares of  PAYT.NS  One 97 Communications tumbled as much
as 10% to 541.40 Indian rupees - lowest since May 13
    ** A term sheet reviewed by Reuters showed SoftBank Group
 9984.T  aims to sell up to $215 million of its stake in the
Paytm-parent.
    ** Softbank's SVF India Holdings (Cayman) Ltd had a 17.45%
stake in PAYT, as of Sept. 30, according to exchange data
    ** The stock is being sold between 555 Indian rupees and
601.45 Indian rupees per share, according to the term sheet - a
7.7% discount at the lower end of the price band 
    ** Paytm did not immediately respond to Reuters' request for
comment on the stake sale
    ** The stock fell 4% in the previous session to 601.45
Indian rupees - lowest since June
     ** A one-year lock-in on about 86% of PAYT outstanding
shares expired on Nov. 15
    ** Six of the 10 analysts covering PAYT maintain "buy" or
higher, one maintains "hold", and three suggest "sell" or lower;
median PT is 865 Indian rupees - Refinitiv data
($1 = 81.6625 Indian rupees)
 (Reporting by Bharath Rajeswaran)
 ((bharath.rajeswaran@thomsonreuters.com))