Digital financial services firm One97 Communications, which operates under the Paytm brand, on Tuesday announced a share buyback worth Rs 850 crore at Rs 810 apiece.
The company has opted for the open market route through the stock exchange method for the buyback programme and expects the process to be completed within a maximum period of six months, the company said in a regulatory filing.
“The company will undertake a buyback of up to Rs 850 crores (excluding buyback taxes and other transaction costs) at a maximum price of Rs 810 per share and has opted for the open market route through stock exchanges method, which is to be completed within a maximum period of six months,” Paytm said in the filing.
The decision for share buyback was taken at the company’s board meeting held on Tuesday.
“All directors present voted unanimously in favour of the proposal, including all independent directors,” Paytm said.
Shares of Paytm closed over 2 per cent higher to Rs 539.50 per share on the BSE today.
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