Ant Group sells 10.3% stake in Indian payment company Paytm and is no longer its largest shareholder

Odaily Planet Daily News Following Alibaba’s liquidation of Paytm’s shares at the beginning of this year, recently, Ant Group also significantly reduced its stake in India’s largest payment platform company for the first time, and converted the shares into convertible bonds of a Dutch company. According to Paytm’s announcement on the National Stock Exchange of India, a subsidiary of Ant Group has exchanged nearly half of its equity in Indian payment company Paytm for convertible bonds on Monday. The deal will see the execution of a 10.3 percent stake in the transaction, worth about $628 million (4.5 billion yuan), at the closing price of Paytm's share price on Aug. 4. At this point, Ant Group will no longer be the largest shareholder of Paytm, and its shares will be reduced to 13.5%; while Sharma's shares in Paytm will increase to 19.42%. (Financial Association)