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       Reliance Cap sells Paytm stake for Rs 275 cr
 
         Posted on :19:05:15 Mar 7, 2017
   
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       Last edited on:19:05:15 Mar 7, 2017
         Tags: Reliance Cap, Paytm stake for Rs 275 cr
 
NEW DELHI: Reliance Capital has sold its nearly 1 per cent stake in popular digital payments firm Paytm for Rs 275 crore to China's Alibaba Group in a deal reaping huge gains for the Anil Ambani-led group firm.
 
The financial services arm of Reliance Group had invested Rs 10 crore for this stake in Paytm.
 
The deal gives a valuation of over USD 4 billion to Paytm, which is already backed by Alibaba group as a strategic investor.
 
Sources said that Reliance Capital has retained a stake in Paytm e-Commerce, which it had got free of cost by virtue of the investment in the parent firm. In the latest fund-raising round, Paytm e-Commerce was valued at USD 1 billion.
 
A Reliance Capital spokesperson declined to comment on the deal while Paytm spokesperson also did not comment.
 
Earlier, Reliance Capital had said it would trim its proprietary investment portfolio as part of its plans to monetise non-core assets.
 
In December last year, Paytm founder and CEO Vijay Shekhar Sharma had sold 1 per cent of his holding in One97 Communications, the parent firm of the digital payments firm, to raise about Rs 325 crore.
 
This money was to be pumped into the group's payments bank operations, which are slated to commence soon.
 
Alibaba Singapore E-commerce, along with investment firm SAIF Partners, is also slated to invest USD 200 million in Paytm's online marketplace unit.
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       BUSINESS
Next Article: Economy to grow 7.1% in FY17, Dec qtr GDP surprising: Fitch
 
 
BUSINESS HEADLINES
China win for Apple as court overturns iPhone ruling  
CBEC to be renamed CBIC under GST regime  
Sebi bans RIL from equity derivatives market for 1 year  
Sensex up for 2nd day, Nifty reclaims 9100 as bank stocks gain  
Govt may table 4 GST bills in Parliament today: Minister  
Airfares in India among 'lowest' globally: Sinha  
Sensex tanks 318 pts, Nifty slumps below 9100 on global clues  
Notes ban to spur economic activity: Govt  
Govt nod for 18 new airports costing Rs 30,000 cr  
Govt nod for 18 new airports costing Rs 30,000 cr  
Adani Enterprises acquires Adani Infra  
Vodafone, Idea Cellular to create new Indian market leader  
Softbank appoints Kabir Mishra to Snapdeal board  
Idea to sell 2G, 3G, 4G mobile data at same price from Mar-end  
Airbus to set up its first Asia training facility in Delhi  
BSNL offers 2GB data per day, unlimited calling for Rs 339  
Sensex soars 188 pts, Nifty at fresh closing peak on Fed move  
Prominent Australians ask Adani to abandon coal mine project  
Harley-Davidson launches Street Rod at Rs 5.86 lakh  
India imports petrol, diesel from China  
Rupee hits 1-1/2 yr high, surges 78 paise on BJP sweep  
Tata Steel, Wipro in world's most ethical companies' list  
Google in talks with China to stage a comeback: report  
Despite bottom line pressure, FY17 to be the best for airlines  
IIP bounces back in Jan, expands by 2.7 pc  
 
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