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Paytm Block Deal: SAIF Partners, Elevation Capital To Offload Stake In Rs 2,000-Crore Shar

Shares of One97 Communications Ltd., the parent company of Paytm, are likely to remain in focus after early investor backers SAIF Partners and Elevation Capital decided to pare their holdings through a block deal worth around Rs 2,000 crore. The development confirms an NDTV Profit newsbreak, as the channel had reported on July 24 about the upcoming stake sale via the block deal route. According to sources, SAIF Partners and Elevation Capital will jointly sell 14.9 million shares, representing approximately 2.3% of Paytm's equity, through a block deal scheduled for August 4. The transaction is estimated to be worth around Rs 2,002 crore, making it one of the larger secondary share sales in the stock this year. Morgan Stanley is acting as the banker to the deal, sources said. ALSO READ:  DLF Q1 Results: Revenue Halves But Profit Rises 4%; Margin Contracts Saif Partners owns 3.63% stake as of quarter ended June, while Saif III Mauritius Company owns 8.55% stake in the c...
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Unhappy With Budget 2024, Congress Chief Ministers To Skip NITI Aayog Meet

Calling the Union Budget 2024-25 "discriminatory" and "dangerous", the Congress on Tuesday evening announced that the party's Chief Ministers -- Siddaramaiah (Karnataka), Revanth Reddy (Telangana), and Sukhvinder Sukhu (Himachal Pradesh) -- will not attend the Niti Aayog Governing Council meeting scheduled in the national capital on July 27.

Tamil Nadu Chief Minister and DMK chief MK Stalin too has said that he would boycott the NITI Aayog meeting to be chaired by Prime Minister Narendra Modi on July 27 as a mark of protest.

"The Union Budget presented today was extremely discriminatory and dangerous, which completely goes against the principles of federalism and fairness that the Union government must follow. In protest, INC CMs will be boycotting the NITI Aayog meeting scheduled for 27th July," Congress General Secretary (Organisation), KC Venugopal said in a post on X.

"This government's attitude is completely antithetical to Constitutional principles. We will not participate in an event that is solely designed to hide the true, discriminatory colours of this regime," he added.

Earlier in the day, Finance Minister Niramala Sitharaman announced a slew of measures during her 80-minute Budget speech, including a hike in standard deduction in the new tax regime from Rs 50,000 to Rs 75,000, revisions to tax slabs in the new regime, cut in Customs duty on gold and silver, three schemes under employment-linked incentives, and Rs 2 lakh crore for job creation, among others.

However, the Congress took a jibe at the Centre soon after the announcements, calling them nothing but a "Sarkar Bachao" Budget driven by the political compulsions for the survival of this "lame duck" government.

Taking to X, Mr Venugopal said, "The Budget will do nothing to address inflation or solve the farmers' crisis. It has absolutely nothing for the middle classes. Much like the 10 (previous) Budgets, this Union Budget is also far removed from the concerns of the ordinary Indian."

"While the government has belatedly recognised that job creation is the need of the hour, its so-called announcements are totally insincere and non-serious. They could not even properly copy from our Nyay Patra."

According to Mr Venugopal, merely throwing large headline numbers while giving pittances in reality is nothing but a cruel joke on the future of India's youth.

"Every segment of the Indian society is going to be in an even worse situation after this Budget, and this government that is completely cut off from the pain of the people will simply be concerned about its survival," he said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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