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MUMBAI: GentleBank has minimize one other 2.1% stake in Paytm, lowering its shareholding in the fintech agency to 2.8%, the corporate mentioned in a current inventory trade submitting. The Japanese funding behemoth which bets closely on tech companies had invested over $1 billion into Paytm and held about 18% stake in the Noida-based firm on the time of its preliminary public providing in 2021.
Even as GentleBank has been offloading its stake in the agency, the developments come at a time when Paytm Payments Bank has come under regulatory scrutiny due to persistent non-compliance. Paytm founder and CEO Vijay Shekhar Sharma is the biggest shareholder in PPBL with a 51% stake whereas Paytm dad or mum One97 Communications holds 49% stake in the banking entity whose operations have been restricted by RBI. The central financial institution has directed PPBL to cease accepting cash in any buyer account – together with wallets and different pay as you go devices resembling FASTags, NCMC (nationwide frequent mobility playing cards used in metro and different transport) or every other devices – after March 15 following lapses in complying with the regulatory framework on KYC and relationship with dad or mum.
Share value of Paytm closed at Rs 405 apiece on the BSE on Thursday, down 0.2%.
Even as GentleBank has been offloading its stake in the agency, the developments come at a time when Paytm Payments Bank has come under regulatory scrutiny due to persistent non-compliance. Paytm founder and CEO Vijay Shekhar Sharma is the biggest shareholder in PPBL with a 51% stake whereas Paytm dad or mum One97 Communications holds 49% stake in the banking entity whose operations have been restricted by RBI. The central financial institution has directed PPBL to cease accepting cash in any buyer account – together with wallets and different pay as you go devices resembling FASTags, NCMC (nationwide frequent mobility playing cards used in metro and different transport) or every other devices – after March 15 following lapses in complying with the regulatory framework on KYC and relationship with dad or mum.
Share value of Paytm closed at Rs 405 apiece on the BSE on Thursday, down 0.2%.
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