SoftBank's Vision Fund<\/a> is the second-largest shareholder of Paytm, whose shares have tumbled more than 60% since it went public a year ago. SoftBank had a 17.5% stake in the digital payments and fintech company as of Sept. 30.
The stock is being sold in a range of 555 rupees to 601.45 rupees per share, the term sheet said, the lower end of the range offering a 7.7% discount to the company's last closing price. Final pricing will be set later on Thursday.
The sale is the latest in a string of divestmentsthat SoftBank has made in the past few months, after its flagship Vision Fund unit booked nearly $50 billion in losses in just six months.
The shares are being bought largely by hedge funds, including Millennium Capital, Segantii Capital Management<\/a>, Ghisallo Capital Management, said a person with direct knowledge of the matter, with other buyers including Norges Bank, Norway's central bank The person requested anonymity because the details were still confidential.
SoftBank, Paytm, Millennium, Segantii, Ghisallo and Norges Bank did not respond to requests for comment.
SoftBank is selling 29 million shares in the deal which is being led by Bank of America<\/a>, according to the term sheet.
The news comes a day after the lock-in period for investors in Paytm's November 2021 initial public offering closed. Shares of the company opened Thursday at 546.05 rupees, 9% lower than the previous close.
SoftBank raised $2.4 billion selling shares in T-Mobile US earlier this year.
Vision Fund sold a range of assets in the April-June quarter - including ridehailer Uber Technologies<\/a> and property platforms Opendoor Technologies<\/a> and KE Holdings<\/a> , which operates China's Beike - for a realised gain of $5.6 billion.
Paytm went public last year in India's biggest-ever initial public offering (IPO), but the shares skidded as low as 70% below listing price in the months after the IPO.
While SoftBank has invested $1.6 billion into the digital payments firm over the years, among its biggest investments in India, at Paytm's current share price, the 17.5% stake SoftBank held in the company before Thursday's share sale is worth only about $900 million.
<\/body>","next_sibling":[{"msid":95568406,"title":"Elon Musk says he will find a new leader for Twitter","entity_type":"ARTICLE","link":"\/news\/elon-musk-says-he-will-find-a-new-leader-for-twitter\/95568406","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":95572478,"entity_type":"ARTICLE","title":"SoftBank selling $215 mln stake in India's Paytm: Term sheet","synopsis":"SoftBank's Vision Fund is the second-largest shareholder of Paytm, whose shares have tumbled more than 60% since it went public a year ago. SoftBank had a 17.5% stake in the digital payments and fintech company as of Sept. 30.","titleseo":"telecomnews\/softbank-selling-215-mln-stake-in-indias-paytm-term-sheet","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":640,"shares":0,"engagementtimems":3136000},"Alttitle":{"minfo":""},"artag":"Reuters","artdate":"2022-11-17 11:10:41","lastupd":"2022-11-17 11:26:15","breadcrumbTags":["softbank","paytm","vision fund","uber technologies","segantii capital management","opendoor technologies","bank of america","ke holdings","industry"],"secinfo":{"seolocation":"telecomnews\/softbank-selling-215-mln-stake-in-indias-paytm-term-sheet"}}" data-news_link="//www.iser-br.com/news/softbank-selling-215-mln-stake-in-indias-paytm-term-sheet/95572478">