Ant Group

China's Ant Group's arm Antfin Singapore Holdings Pte is likely to sell up to 2 per cent stake (176.4 million shares) in Zomato

UBS is struggling to attract interest in the unit from global firms because of escalating geopolitical tensions, a crackdown on bank data flows and the struggling economy

Bailing will be applied to Ant's various services and help with innovation, Xu Peng, vice president of Ant Group said in a statement on Monday

The foray by Ant into financial AI is notable as the company founded by billionaire Jack Ma is China's biggest fintech firm, with more than 1 billion users worldwide for its Alipay payment app

A subsidiary of Chinese fintech giant Ant Group on Friday sold a 3.6 per cent stake in Paytm for Rs 2,037 crore through open market transactions. The shares of Paytm's parent One97 Communications was sold by Antfin (Netherlands) Holding BV. Motilal Oswal Mutual Fund (MF), Nippon India MF, ICICI Prudential Life Insurance, Citigroup Global Markets Mauritius, Goldman Sachs (Singapore) Pte, Bay Pond Partners LP, Royal Bank of Scotland, Societe Generale, Abu Dhabi Investment Authority and International Bank for Reconstruction and Development, among others, were the buyers of the shares of Paytm. Antfin offloaded a total of 2,27,54,823 shares in 14 tranches, amounting to a 3.58 per cent stake in One97 Communications, according to the block deal data available with the BSE. The shares were sold at an average price of Rs 895.2 apiece, taking the combined transaction value to Rs 2,037 crore. Post the transactions, Antfin shareholding has declined to 20.21 per cent from 23.79 per cent stake

Alibaba said in an exchange filing it won't take part in Ant's plan to buy back as much as 7.6% of its stock, which the latter's board has approved

The limited partners also committed to retaining the two dividends in 2022 with Hangzhou Junhan and Hangzhou Junao to enhance the operation's capital strength

The People's Bank of China (PBOC), which has been driving the revamp at Ant after its $37 billion IPO was scuttled in late 2020, is expected to disclose the fine in the coming days

Business Standard brings you the top headlines at this hour

The Chinese fintech giant has been discussing options to reduce its stake in One 97 Communications Ltd. after its share percentage increased passively due to share buybacks

Move is the latest in a string of top exits from the food aggregator; comes a week after Feigan stepped down from the board of Paytm parent One97 Communications

The company will give 10 individuals, including the founder, management and staff, voting rights independently, effectively removing Ma's voting control of Ant, according to an announcement

The deal resolves a key hurdle for Ant as it seeks to meet requirements from regulators following a crackdown on its business after its record initial public offering was torpedoed in 2020

A fine on Ant could help pave the way for the company to secure a long-awaited financial holding company license, seek growth again, and eventually revive its plans for a public market debut

The biggest shareholders in One97 Communications Ltd., Paytm's parent company, are Alibaba Group Holding Ltd. and its fintech affiliate Ant Group Co., as well as Japan's SoftBank Group Corp

Ant, an affiliate of Alibaba, has been subjected to a sweeping restructuring by China, whose initial public offering of $37 billion, was derailed by the country's regulators in late 2020

Jack Ma's twin empires have been recasting themselves amid closer scrutiny by China's watchdogs on everything from corporate governance to dealings among affiliates.

The People's Bank of China intends to accept Ant's application to become a financial holding company once it's submitted

Ant, an affiliate of Chinese e-commerce behemoth Alibaba Group Holding, aims to file the preliminary prospectus for the offering as soon as next month

Shares of the e-commerce giant shot up as much as 7% earlier after a Bloomberg News report that China's financial regulators have established a team to assess the fintech giant's share sale plans.