Morgan Stanley Buys Patym Shares Worth ₹244 crore after RBI Action
By Lokmat English Desk | Published: February 4, 2024 08:00 PM2024-02-04T20:00:00+5:302024-02-04T20:41:30+5:30
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Financial services giant Morgan Stanley on Friday made an investment in Paytm's parent company, One97 Communications, by acquiring shares worth ₹244 crore through an open market transaction.
Morgan Stanley, via its affiliate Morgan Stanley Asia (Singapore) Pte - ODI, purchased 50 lakh shares on the National Stock Exchange (NSE), representing a 0.8 per cent stake in Paytm.
The average price per share was ₹487.20, resulting in a total deal size of ₹243.60 crore. However, details about the sellers remain undisclosed, PTI reported.
Paytm shares price faced another 20 per cent decline on the NSE. This adds to a total of 36 per cent drop in the share price in just 2 days after the Reserve Bank of India (RBI) directed Paytm Payments Bank Ltd (PPBL), an associate of Paytm, to cease accepting deposits or top-ups in various accounts, wallets, and instruments from March 1.
One97 Communications Ltd (OCL) holds a 49 per cent stake in Paytm Payments Bank, while Vijay Shekhar Sharma, founder of One97 Communications, has the other 51 per cent stake.
The shares of One97 Communications closed at ₹487.20 per piece on the NSE.In related news, there are reports that the RBI is contemplating revoking the license of Paytm Payments Bank as early as next month.
