Berkshire Hathaway, which is backed by legendary investor Warren Buffet on Friday sold its entire 2.46 per cent stake in One97 Communications Ltd, the parent of Paytm, for Rs 1,371 crore through an open market transaction.

The holding company through its affiliate BH International Holdings sold more than 1.56 crore shares of Paytm on the National Stock Exchange (NSE).

Data from the stock exchange showed that BH International Holdings divested 1,56,23,529 shares, which translated to a 2.46 per cent stake in Paytm. These shares were sold at an average price of Rs 877.29 per share, taking the transaction value to Rs 1,370.63 crore.

Among the buyers, Copthall Mauritius Investment picked up 75,75,529 shares and Ghisallo Master Fund LP acquired 42.75 lakh shares, amounting to a 1.19 per cent and 0.67 per cent stake in Paytm, respectively. The shares were purchased at an average price of Rs 877.20 apiece, taking the aggregate deal value to Rs 1,039.52 crore.

Following the deal, shares of One97 Communications shed 3.23 per cent or Rs 29.80 to close at Rs 893 on the BSE. It has a market cap of Rs 56,675.17 crore. Shares of the company have rallied over the past few months amid investor optimism over its growth prospects. It has gained almost 30 per cent over the last six months, based on the closing price on Thursday.