Paytm shares to remain in focus today, 14 December 2022 --Here's the reason

New Delhi: Shares of One97 Communication which owns Paytm will be in focus today. The stock is up 22% in the past 3 weeks. Paytm shares ended at Rs 539.5 on BSE on Tuesday, up by 2.16 percent. Expert are upbeat on the stock after the Digital financial services company announced to buy back shares worth Rs 850 cr at Rs 810 apiece.

The company has opted for the open market route through the stock exchange method for the buyback programme and expects the process to be completed within a maximum period of six months, the company said in a regulatory filing. (Also read: State Bank of India hikes FD rates)

"The company will undertake a buyback of up to Rs 850 crores (excluding buyback taxes and other transaction costs) at a maximum price of Rs 810 per share and has opted for the open market route through stock exchanges method, which is to be completed within a maximum period of six months," Paytm said in the filing. (Also read: Will govt remove image of Mahatma Gandhi from Indian Currency notes? )

Assuming a full buyback of Rs 850 crore, and applicable buyback taxes, the company expects the total outlay will be in excess of approximately Rs 1,048 crore.

The company said that it will continue disciplined investments to drive long-term value creation, across technology, sales, marketing, and other areas.

With PTI Inputs