Paytm announces Rs 850 crore share buyback
By MYBRANDBOOK
Paytm parent company One97 Communications has approved a share buyback plan of Rs 850 crore, priced at Rs 810 per share.
Paytm said that it would utilise at least 50% of the amount earmarked as the maximum buyback size i.e., Rs 425 crore for the buyback. At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 1,04,93,827, representing about 1.62% of the paid-up share capital of the company.
Based on the minimum buyback size and maximum buyback price, the company would purchase a minimum of 5,246,913 equity shares. The share buyback comes less than 13 months after the loss-making digital payments major’s disastrous listing, which saw its shares tank 75% from its IPO price.
The company said, “Paytm board believes that this buyback is a sign of confidence that the company is on a clear path to deliver cash flow profitability, and this buyback will not have any impact on its growth plans in the near future or on its profitability plans.”
Under a share buyback or repurchase, a company buys back its shares from investors or shareholders. The buyback reduces the number of shares in the market, increasing their value. The maximum limit for any buy back here in India is 25% of the aggregate paid-up capital and free reserves.
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