One 97 Communications shares tumbled more than 3 per cent on Thursday after SoftBank said it sold a 2.07 per cent stake in the fintech platform in a series of open market transactions since February 2023 to comply with market regulator Sebi’s takeover regulations.

Softbank said it sold a total of 13,103,148 Paytm equity shares between February 10 and May 8 in a series of transactions. The disclosure obligation under Regulation 29(2) of the SEBI Takeover Regulations was triggered by the disposal of 433,501 equity shares of Paytm on May 8, which, when combined with previous disposals, exceeded the 2 per cent threshold, according to Softbank.

Following the news, Paytm’s stock dropped 3.33 percent to a low of Rs 703.30 on the BSE. At this price, Softbank sold 13,103,148 equity shares for Rs 921 crore, or nearly USD 112 million at the rupee-dollar exchange rate of 81.96.

According to the report, Softbank has 83,912,230 shares and 13.24 per cent voting rights. Softbank now owns 70,809,082 shares, or 11.17 percent of the new age corporation, after selling 2.07 per cent stake.

According to media reports, the transaction was valued about $120 million. Following the deal, SoftBank will own around 11.17 per cent of Paytm, or approximately 70,809,082 shares, according to a media report.

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