Making handsome gains, Reliance Capital has sold nearly one per cent stake in digital wallet payments firm Paytm to China’s Alibaba Group for Rs.275 crore, media reports said on Tuesday.
The Anil Ambani-led financial services holding firm had bought this stake for Rs.10 crore.
The deal gives a valuation of over $4 billion to Paytm, which is already backed by Alibaba Group as a strategic investor.
However, according to reports, Reliance Capital has retained its stake in Paytm e-commerce, which it had got free of cost by virtue of the investment in the parent firm.
The move was expected, as Reliance Capital had said that it would trim its proprietary investment portfolio as part of its plans to monetise non-core assets.