PhonePe sells 5% in CE Info for 486cr

NEW DELHI: Digital payments major PhonePe on Thursday trimmed its holding by selling a 5% 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 stake sale, shares of CE Info Systems plunged 9.4% to settle at Rs 1,769 apiece on BSE. According to bulk deal data available on the BSE, PhonePe offloaded 27.2 lakh shares, amounting to 5% stake in CE Info Systems. The shares were sold at an average price of Rs 1,786 apiece, taking the transaction value to Rs 486 crore. After the latest transaction, PhonePe’s holding in CE Info Systems declined to 13.7% from 18.7%.