By Scott Murdoch
(Reuters) -China’s Ant Group will sell a 4% stake in Indian payments firm Paytm for $242 million, a term sheet seen by Reuters on Monday showed.
Ant, an affiliate of Chinese conglomerate Alibaba Group, will sell the stake at 809.75 rupees per share, a discount of 6.5% to Paytm’s closing price on Monday.
It was not immediately clear who the buyers would be.
Goldman Sachs India Securities and Citigroup Global Markets India will lead the sale, the term sheet showed.
Paytm and Ant Group did not immediately reply to a request for comment.
Paytm has seen a spate of selldowns in the past two years, including the exit of Warren Buffett’s Berkshire Hathaway and Japan’s SoftBank Group, according to exchange data.
Ant previously sold a 10.3% stake in Paytm to founder and CEO Vijay Shekhar Sharma in August 2023.
(Reporting by Scott Murdoch in Sydney, Ananta Agarwal and Hritam Mukherjee in Bengaluru; Editing by Savio D’Souza, Varun H K and Shinjini Ganguli)
