Alibaba (HKG:9988) affiliate Ant Group is set to receive the proceeds from the sale of a 3% stake in One97 Communications (NSE:PAYTM, BOM:543396), doing business as Paytm, Bloomberg reported Tuesday, citing exchange data.

Resilient Asset Management, controlled by Paytm founder Vijay Shekhar Sharma, offloaded about 19.2 million shares in One97, or 2.99% of the company's equity, through three pre-market block trades Tuesday at 1,535.10 Indian rupees per share, the report said.

The proceeds will go to Ant Group under an agreement between the parties, an exchange filing by One97 showed. The transaction relates to the 10.3% stake Resilient acquired from Ant Group in 2023 in exchange for convertible securities. The arrangement allows Ant Group to retain the economic benefit of the shares, according to the report.

Ant Group and Paytm did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)