PhonePe pares 5 pc stake in MapmyIndia for Rs 486 crore

New Delhi, Jun 12 (PTI) Digital payments major PhonePe on Thursday trimmed its holding by selling a 5 per cent stake in CE Info Systems, the parent company of MapmyIndia, for Rs 486 crore through an open market transaction.

PhonePe is an arm of Walmart-controlled online retailer Flipkart.

Following the stake sale, shares of CE Info Systems plunged 9.39 per cent to settle at Rs 1,768.75 apiece on the BSE.

According to the bulk deal data available on the BSE, PhonePe Ltd offloaded 27.21 lakh shares, amounting to a 5 per cent stake in CE Info Systems.

The shares were sold at an average price of Rs 1,786.22 apiece, taking the transaction value to Rs 486.03 crore.

After the latest transaction, PhonePe's holding in CE Info Systems declined to 13.74 per cent from 18.74 per cent.

Meanwhile, Motilal Oswal Mutual Fund (MF), ICICI Prudential MF and Tata MF collectively bought 12.88 lakh shares or nearly a 2.4 per cent stake in CE Info Systems.

The shares were acquired at an average price of Rs 1,785 apiece, taking the combined deal value to Rs 230 crore.

Details of the other buyers of CE Info Systems shares could not be ascertained on the BSE. PTI HG HG SHW