Paytm Board approves Rs 850 cr share buyback

NEW DELHI: 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 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.

This decision for share buyback was taken at its board meeting held on Tuesday. “All directors present voted unanimously in favour of the proposal, including all independent directors,” Paytm said.