Mumbai: Early investors in One 97 Communications Ltd., the parent of fintech major Paytm, are looking to offload shares worth around $110 million through a block deal on Friday, according to a term sheet reviewed by Mint.
Saif III Mauritius Co. Ltd., Saif Partners India IV Ltd., and Elevation Capital V Ltd. are the sellers.
The proposed transaction involves the sale of up to 8.6 million shares, equivalent to around 1.3% of Paytm’s outstanding share capital. The floor price has been set at ₹1,120.65 per share, a discount of about 2.99% to Thursday’s BSE closing price of ₹1,155.30. At the floor price, the total transaction size is estimated at around ₹963.6 crore (about $110 million).
Citigroup Global Markets India Pvt. Ltd. is acting as the placement agent for the deal.
Existing investors to receive proceeds
The proceeds of the deal, which is secondary in nature, will go entirely to existing investors and not the company.
The term sheet also specifies a 30-day lock-up period on the residual stake held by the vendors after the transaction.
The books for the deal are expected to close around 7:30 am IST on 22 May, with trade execution slated for the same day and settlement expected on 25 May.
The proposed sale marks another step in the gradual exit of Paytm’s early backers, years after the company’s blockbuster but volatile market debut in 2021.
Chinese affiliate Antfin, once Paytm’s largest shareholder, has steadily reduced its holding over the past two years amid heightened regulatory scrutiny around Chinese ownership in Indian fintech firms.
In 2023, Antfin transferred a 10.3% stake to founder Vijay Shekhar Sharma, helping bring its shareholding below the 10% threshold. In May 2025, it sold another 4% stake through a $246 million block deal.
Regulatory concerns around Paytm Payments Bank and delays in securing key licences had earlier weighed heavily on the stock. However, sentiment has improved sharply over the past year after Paytm returned to profitability and rebuilt its payments business following the RBI crackdown on its banking arm.