Paytm shares hit 52-week high; up more than 3%
The Hindu
Paytm's shares surge over 3% after approving stake sale in Softbank's PayPay Corporation, hitting 52-week high.
Shares of One97 Communications, which owns the Paytm brand, on Monday (December 9, 2024) jumped more than 3% on the bourses after the company approved the sale of stake in Softbank group's fintech firm PayPay Corporation.
The shares of the company rose more than 3% to hit its 52-week high of ₹1,007 each on the BSE and NSE.
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As the company's shares touched a 52-week high, the market valuation of Paytm rose by ₹1,986.32 crore to ₹64,109.58 crore. The 30-share BSE Sensex declined 199.98 points or 0.24% to trade 81,509.14 in the morning trade, while the NSE Nifty slipped 54.15 points or 0.22% to 24,623.65.
In a regulatory filing on Friday (December 6, 2024), fintech firm One97 Communications has approved the sale of stake in Softbank group's fintech firm PayPay Corporation. Paytm holds 7.2% stake in PayPay Corporation.
"We have been informed by One97 Communications Singapore Private Limited, a wholly-owned subsidiary of the company at 12.49 p.m. (IST), that its Board of Directors at its meeting held today i.e., December 6, 2024, approved sale of Stock Acquisition Rights (SARs) in PayPay Corporation, Japan," Paytm said in the filing.
According to Paytm senior officials, the stake was valued around ₹2,000 crore, close to $236 million, in July 2024.
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