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Paytm Completes Shares Buyback Worth Rs 850 Crore

The Paytm board approved the buyback of shares worth Rs 850 crore on December 13, representing 6.67 per cent of the total paid-up share capital

Paytm Completes Shares Buyback Worth Rs 850 Crore
POSTED ON February 15, 2023 8:46 AM

Digital financial services firm One97 Communications, which operates Paytm, said it has completed the buyback of shares worth Rs 849.83 crore at an average price of Rs 545.93 per share.

It bought back shares in the price range of Rs 702.65 to Rs 480.25 apiece, according to a regulatory filing.

"The company bought back an aggregate of 1,55,66,746 equity shares utilising a total amount of Rs 849,83,39,982, which represents 99.98 per cent of the maximum buy-back size. The price at which equity shares were bought back was dependent on the price quoted on the stock exchanges," the company said.

The Paytm board had approved the buyback of shares worth Rs 850 crore on December 13, representing 6.67 per cent of the total paid-up share capital between December 21, 2022 to February 13.

During the buyback period, Chinese e-commerce major Alibaba sold its entire direct stake in the company in two tranches. On Friday, Alibaba exited from Paytm after selling its entire 3.4 per cent shareholding in the Indian fintech firm. 

Stock exchange data reveal that Alibaba sold 21.4 million shares of Paytm at Rs 642.74 rupees per share at a block deal, liquidating its take for $167.14 million. Morgan Stanley Asia (Singapore) Pte has reportedly bought 5.42 million Paytm shares at Rs 640 on February 10.

However, the company's group firm Ant Financial continues to hold around 25 per cent stake in Paytm and remains the biggest shareholder of the digital financial services firm.

(with PTI inputs)

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