China's Ant Group has sold 25.5 million shares in India's Paytm in a block trade to raise $246 million, according to a term sheet seen by Reuters.
The sale, completed at a price of 823.10 Indian rupees ($9.69) a share, was equivalent to a 4% stake in Paytm, and the final price was a 5% discount to the Indian company's closing share price on Monday of 866.05 rupees, the term sheet said.
The stake in the digital payments company was offered with a floor price of 809.75 rupees, an earlier term sheet said.
Paytm and Ant Group did not immediately respond to requests for comment.
Goldman Sachs and Citigroup led the transaction, the term sheet showed.
Paytm has seen a spate of sell-downs in the past two years, including the exit of Warren Buffett's Berkshire Hathaway and Japan's SoftBank Group, according to exchange data.
Ant Group previously sold a 10.3% stake in Paytm to founder and CEO Vijay Shekhar Sharma in August 2023.
