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A QR code of Paytm is seen at a cell repairing store in Kolkata, India, November 9, 2021. REUTERS/Rupak De Chowdhuri/File Photo Acquire Licensing Rights
BENGALURU, Nov 24 (Reuters) – Billionaire Warren Buffett’s Berkshire Hathaway (BRKa.N) has exited India’s Paytm (PAYT.NS) after promoting its whole stake within the firm for about 13.71 billion rupees ($164.70 million) by a bulk deal on Friday.
Berkshire Hathaway’s BH International Holdings has bought greater than 15.6 million shares of the digital funds agency, with a weighted common worth of 877.29 rupees per share, alternate knowledge confirmed.
Who the patrons of the Paytm shares are just isn’t 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 International Holdings had a 2.46% stake within the firm, as per alternate knowledge.
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 purchased shares within the firm from Chinese agency Ant Financial, changing 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; Editing by Sonia Cheema and Pooja Desai
Our Standards: The Thomson Reuters Trust Principles.
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