Paytm owner One 97 Communications completes share buyback worth Rs 850 cr

Digital financial services firm One97 Commuications, which operates under the Paytm brand, on Tuesday said it has completed buyback of shares worth Rs 849.83 cr at an average price of Rs 545.93/ share

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

The company 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 bough back was dependent on the price quoted on the stock exchanges," the company said.

The Paytm board had approved 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.

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.