Reliance Capital Ltd which is Indian diversified financial services holding company promoted by Reliance Groups,a constituent of MSCI India and CNX Junior Nifty is planning on to sell its 1% stake worth $50-$60 Mn in digital e-commerce company Paytm.
The company expects to garner USD $50-$60 Mn by selling its share in the parent company of Paytm One97 Communication. They consider the ecommerce giant-Alibaba,who already had backed Paytm
worth 4.8 Mn in last bid of rounding to be the buyer of the share.
The main objective of Reliance Capital is to reduce the investment on non-core assets, they sold all their televisions and radio services lately. They are prepared to be focused on their financial line.
As on 31st March 2016, Reliance had net worth of ₹15,390 crores (US $2.3 Bn) and total assets of ₹67,112 crores (US $10.2 Bn).
Paytm who sold 1% holding in One97 Communication in March 2016 raised worth ₹325 crores to be utilized for Paytm’s proposed payments bank operations. Paytm created two different entities- Paytm E-commerce and Paytm Payment Banks to look under two different services of the company, e-commerce and Banking respectively.