Paytm declares an 850 billion rupee share buyback at 810 rupees per share

To support its plummeting stock price, the board of One97 Communications (OCL), a provider of digital financial services and owner of the Paytm brand, initiated a share buyback programme of 850 crores on Tuesday. On Tuesday, Paytm shares closed at 538.40 on the BSE.

The maximum amount of equity shares that may be repurchased on the open market on Indian stock exchanges is 850 crore, excluding buyback tax, at a cost not exceeding 810 per share.

As of the company’s free reserves and total paid-up share capital as of the 31st of March 2022, Paytm stated that the maximum repurchase amount is less than 10% of those two totals.