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“We wish to clarify that we have been informed by One97 Communications Singapore Private Limited, a wholly owned subsidiary of the company (‘Paytm Singapore’) that its Board of Directors at its meeting held today i.e., December 6, 2024, approved sale of Stock Acquisition Rights (SARs) in PayPay Corporation, Japan,” Paytm said in a filing to the exchanges.
The statement was in clarification to a media report stating that One97 Communications was close to finalising a $250 million (approximately ₹2,000 crore) deal to sell its stake in PayPay to SoftBank Group.
The company said that the transaction will increase its consolidated cash balance “to the extent of sale consideration to be received by Paytm Singapore.”
PayPay, a leading provider of QR code payment services in Japan, has attracted over 55 million users, positioning itself as a dominant force in the competitive digital payments sector.
Its rapid growth can be attributed to a government-backed initiative promoting the shift from cash to digital payments, coupled with its strategy of offering substantial rebates to consumers.
Paytm reported a net profit of ₹930 crore during the quarter, compared to a net loss of ₹290.5 crore during the same period last year.
The company’s net profit was aided by a one-time gain of ₹1,345 crore, which was due to sale of movie ticketing business to Zomato.
Paytm’s shares rose 2% on Friday to end at ₹975.35. The company’s share price has risen over 7.7% in this week and nearly 23% in the last month.
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