In an open market deal, the billionaire Warren Buffet-backed Berkshire Hathaway Inc. sold its whole 2.46 percent share in One97 Communications, the parent company of Paytm, for Rs 1,371 crore on Friday.
More than 1.56 crore shares of the fintech startup Paytm were sold by Berkshire Hathaway Inc. via its subsidiary BH International Holdings on the National Stock Exchange (NSE).
Based on the bulk trade data that is accessible with the NSE, BH International Holdings sold 1,56,23,529 shares, or 2.46 percent of the company Paytm, which is based in Noida.
The transaction value was Rs 1,370.63 crore after the shares were sold for an average price of Rs 877.29 each.
In the meanwhile, Ghisallo Master Fund LP purchased 42.75 lakh shares and Copthall Mauritius Investment purchased 75,75,529 shares, for a total of 1.19 percent and 0.67 percent of Paytm, respectively.
The total transaction value was Rs 1,039.52 crore after the shares were acquired at an average cost of Rs 877.20 per.
It was unable to find out the details of the other purchasers.
On Friday, One97 Communications’ shares fell 3.08 percent to settle at Rs 895 a share on the NSE.
One97 Communications, a Fintech firm that uses the Paytm name, said in October that its consolidated loss for the second quarter of the current fiscal year had shrunk to Rs 291.7 crore.
In the same time last year, the business reported a loss of Rs 571.5 crore.
During the quarter, the company’s consolidated revenue from operations climbed by over 32%, from Rs 1,914 crore to Rs 2,518.6 crore, compared to a year earlier.