BackPaytm board to consider buyback of shares today. Details here
Paytm has informed Indian bourses that its board is going to consider buyback of shares in is scheduled meeting on 13th December 2022
PremiumPaytm buyback of shares: The board of directors of One 97 Communications Ltd (popularly known as Paytm) is going to consider buyback of shares in its scheduled meeting today. In its latest communication with Indian bourses, India's leading digital ecosystem for consumers and merchants informed about the developments in regard to buyback of shares citing it would benefit the existing Paytm shareholders.
Informing Indian bourses about buyback of shares, One 97 Communications Ltd said, "Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations"), we wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, December 13, 2022 to consider a proposal for buyback of the fully paid-up equity shares of the Company, in accordance with the applicable provision under the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 (as amended), and other applicable laws."
"The management believes that given the Company’s prevailing liquidity/ financial position, a buyback may be beneficial for our shareholders. The outcome of the Board meeting will be disseminated to the stock exchanges after conclusion of the Board meeting on December 13, 2022, in accordance with the applicable provisions of the SEBI Listing Regulations," One 97 Communications Ltd concluded.
Paytm shares have remained bears' delight ever since it listed on the Indian bourses on 18th November 2021. The public issue of One 97 Communications Ltd was offered at a price band of ₹2080 to ₹2150 apiece and it listed at around 9 per cent discount on BSE and NSE. However, the pain of allottees didn't end here as Paytm share price continued to fall at regular intervals. Paytm share price today is around ₹530 per equity share whereas its 52-week low is ₹438.35 apiece on NSE.
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