China’s Ant Group plans to divest a 4% stake in Indian digital payments company Paytm for approximately US$242 million, according to a term sheet reviewed by Reuters.

The sale is priced at 809.75 rupees per share, marking a 6.5% discount to Paytm’s closing price on Monday.

The identities of the prospective buyers were not disclosed, and both Ant Group and Paytm have yet to respond to requests for comment.

This move follows a series of major shareholder exits from Paytm in recent years.

Among those who have reduced or ended their holdings are Warren Buffett’s Berkshire Hathaway and Japan’s SoftBank Group, based on filings with Indian stock exchanges.

In a previous transaction in August 2023, Ant offloaded a 10.3% stake in Paytm to the company’s founder and CEO Vijay Shekhar Sharma.

Featured image: Edited by Fintech News Singapore, based on image by Paytm