The transaction involves the sale of up to 1.49 crore equity shares, equivalent to around 2.3% of Paytm’s outstanding equity, according to term-sheet accessed by CNBC-TV18. The shares are being offered at a floor price of ₹1,339.65 apiece, representing a 4.99% discount to Monday’s closing price of ₹1,410.
Morgan Stanley is acting as the sole placement agent for the transaction. The proposed sale is entirely a secondary transaction, meaning Paytm will not receive any proceeds from the deal.
The vendors include Saif Partners India IV, Saif III Mauritius Company and Elevation Capital V. Before the transaction, Saif Partners India IV held about 3.63% of Paytm, while Saif III Mauritius owned around 8.55%, according to the term sheet. The exact holding of Elevation Capital V was not disclosed, though it is among the company’s long-standing early investors.
The sellers will be subject to a 60-day lock-up, preventing further share sales during the period, subject to customary exceptions.
The block deal comes after a sharp recovery in Paytm’s stock over the past few months. So far this year, the scrip has gained over 9%, while the one-year return is also over 30%.
(Edited by : Ajay Vaishnav)
