A QR code of Paytm is seen at a cell repairing store in Kolkata, India, November 9, 2021. REUTERS/Rupak De Chowdhuri/File Picture Purchase Licensing Rights
BENGALURU, Nov 24 (Reuters) – Billionaire Warren Buffett’s Berkshire Hathaway (BRKa.N) has exited India’s Paytm (PAYT.NS) after promoting its complete stake within the firm for about 13.71 billion rupees ($164.70 million) via a bulk deal on Friday.
Berkshire Hathaway’s BH Worldwide Holdings has offered greater than 15.6 million shares of the digital funds agency, with a weighted common worth of 877.29 rupees per share, alternate information confirmed.
Who the consumers of the Paytm shares are will not be identified. Paytm didn’t instantly reply to a Reuters request for extra particulars, whereas Berkshire was not obtainable for remark.
As of September 2023, BH Worldwide Holdings had a 2.46% stake within the firm, as per alternate information.
Berkshire’s exit comes after a string of selldowns for the agency, together with stake cuts by Japanese conglomerate SoftBank Group(9984.T) and the exit of China’s Alibaba Group (9988.HK).
In September, Paytm CEO Vijay Shekhar Sharma had stated he was open to rising his stake, weeks after he bought shares within the firm from Chinese language agency Ant Monetary, turning into Paytm’s single largest shareholder.
Shares of Paytm closed 3.34% decrease on Friday.
($1 = 83.2440 Indian rupees)
Reporting by Hritam Mukherjee in Bengaluru; Modifying by Sonia Cheema and Pooja Desai
Our Requirements: The Thomson Reuters Belief Ideas.
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