India’s Paytm considers share buyback
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INDIA’S Paytm said on Thursday (Dec 8) it was considering to repurchase its own shares, without specifying details, at a time when the digital payments giant’s shares are trading 75 per cent lower than its stock market debut last year.
Paytm’s parent company, One97 Communications, said its board is set to meet on Dec 13 to consider the buyback proposal.
“The management believes that given the company’s prevailing liquidity/ financial position, a buyback may be beneficial for our shareholders,” One97 said.
The announcement comes after Reuters reported in November that SoftBank Group sold a 4.5 per cent stake.
Paytm’s scrip closed 0.28 per cent lower on Thursday at 508.40 rupees on the Bombay Stock Exchange. REUTERS
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