Shares of One 97 Communications, the parent company of Paytm, jumped over 4% to Rs 1,436 on the BSE on Tuesday after a major block deal worth Rs 2,038 crore was executed on the bourses. According to term sheets seen by The Economic Times, early investors Saif Partners and Elevation Capital trimmed their holdings in the fintech company through a secondary share sale.
The transaction involves the sale of up to 1.49 crore equity shares, representing around 2.3% of Paytm's outstanding equity, according to a term sheet seen by The Economic Times. The floor price has been set at Rs 1,339.65 per share, reflecting a 4.99 per cent discount to Monday's closing price of Rs 1,410. Morgan Stanley is the sole placement agent for the deal. Since the transaction is entirely secondary in nature, Paytm will not receive any proceeds from the share sale.
