Paytm in Focus Today: Board Meeting For Share Buyback Proposal
By Malvika Gurung
Investing.com — The financial services stock Paytm (NS:) will remain under focus on Dec 13, 2022, as its board will meet on the day to consider a proposal for share buyback.
In a filing to domestic bourses on Dec 8, 2022, the digital wallet company announced that its Board of Directors will meet on Tuesday to consider a proposal for a buyback of the company’s fully paid-up equity shares.
According to Paytm’s management, a share buyback would benefit the company’s shareholders, given the digital payments major’s prevailing liquidity or financial position. As of Sept 30, 2022, the net cash pile of the company stands at Rs 9,182 crore.
If the proposal for share buyback is approved at the board meeting next week, it will be the fintech company’s first share buyback since its listing on the domestic bourses last year.
Shares of the company traded 1.33% higher at the time of writing.
Since its debut on the Indian stock market in Nov 2021, Paytm’s shares have been declining, giving returns of nearly negative 75% to its shareholders.
