Paytm will buyback this much rupees per share, important decision was taken in the board meeting

One97 Communications, the digital financial services company that operates the brand, announced a share buyback plan on Tuesday. Under this, the company will buy back shares worth Rs 850 crore at Rs 810 per share. One97 Communications said in a communication to the stock market that the company has opted for the open market route for the buyback program through the stock exchanges. This process is likely to be completed in a maximum of six months. This decision was taken in the meeting of the Board of Directors of the company held on Tuesday. All the Directors present at the meeting and including the Independent Directors voted unanimously in favor of the resolution.

According to the information, the company will buy back shares worth Rs 850 crore at a price of Rs 810 per share. ”The maximum buyback price is Rs 810 per share, which is 50 percent more than the closing price of Rs 539.5 per equity on BSE on Tuesday. After adding a total buyback of Rs 850 crore and taxes on it, the company estimates to spend about Rs 1,048 crore on this plan.

Investors who invested in Paytm's IPO have suffered huge losses. Recently, the stock had broken down to below Rs.500. The company's shares were listed late last year. This year i.e. in 2022, Paytm shares have fallen 70 percent after widespread selling and raising questions about the company's profitability.