Reliance Capital has sold nearly 1% stake in popular digital payments firm Paytm for Rs 275 crore to China's Alibaba organization in a deal reaping large profits for the Anil Ambani-led institution company.
The financial services arm of Reliance institution had invested Rs 10 crore for this stake in Paytm. The deal values Paytm aroundr $one billion.
A Reliance Capital spokesperson declined to speak upon the deal and at the same time Paytm spokesperson also declined to comment on the deal.. Reliance Capital had stated it might trim its proprietary funding portfolio as part of its plans to monetize non-core assets. In December Paytm founder and CEO Vijay Shekhar Sharma had offered 1% of his stake in One97 Communications the parent company of Paytm to raise funds for expansion.