MUMBAI: Elevation Capital, an early backer of One97 Communications which owns fintech Paytm is selling about 1.3% stake in the company worth Rs 964 crore through block deals on Friday, the term sheet of the deal showed.The floor price of the offer, set at Rs 1,121 per share, is at a 3% discount to Paytm’s closing price of Rs 1,155.6 on the NSE on Thursday.Elevation Capital held a little over 13% stake in Paytm through its two entities as of March and is the startup’s largest institutional shareholder. The venture capital firm had in Nov last year offloaded a near 2% stake in the fintech through block deals worth Rs 1,556 crore.Elevation Capital took a bet on the startup in 2007, long before Paytm was launched became a household name over the years. Paytm, which got listed in 2021 in one of India’s biggest IPOs, ran into regulatory hurdles over non-compliance at its now defunct banking unit.
