China’s Ant Group to sell 4% stake in Paytm for $242 million, term sheet shows

China’s Ant Group will sell a 4% stake in Indian payments firm Paytm for $242 million, a term sheet seen by Reuters on Monday showed. Ant, an affiliate of Chinese conglomerate Alibaba Group , will sell the stake at Rs 809.75 per share, a discount of 6.5% to Paytm’s closing price on Monday.

It was not immediately clear who the buyers would be.

Goldman Sachs India Securities and Citigroup Global Markets India will lead the sale, the term sheet showed.

Paytm and Ant Group did not immediately reply to a request for comment.

Paytm has seen a…