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Paytm board to consider share buyback at Dec 13 meeting

One97 Communications Ltd, the father or mother firm of digital funds platform Paytm, mentioned on Thursday its board of directors will meet on December 13 to think about a proposal for a buyback of its shares.

“We want to inform you {that a} assembly of the Board of Administrators of the corporate is scheduled to be held on Tuesday, December 13, 2022 to think about a proposal for buyback of the absolutely paid-up fairness shares of the corporate,” One97 Communications mentioned in a submitting.

Whereas asserting its outcomes for July-September, One97 Communications mentioned its revenues rose to Rs 1,914 crore ($233.81 million) from Rs 1,086 crore a yr earlier.

Consolidated internet loss widened to Rs 571 crore from a lack of Rs 473 crore for a similar interval final yr as bills associated to worker advantages and fee processing costs surged.
“The administration believes that given the corporate’s prevailing liquidity/monetary place, a buyback could also be helpful for our shareholders,” the corporate added. As per its newest earnings, One97 Communications had liquidity of Rs 9,182 crore.

The corporate additionally mentioned that it doesn’t have a ‘agency timeline’ on when Paytm Payments Bank can be allowed to onboard new prospects following a ban by the central financial institution in March.

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Paytm’s shares have fallen over 75% since its itemizing debut final yr. On Thursday, the inventory closed at Rs 508.40 on the BSE, 0.48% decrease than its earlier shut.

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