India’s Paytm announced on Thursday that it was thinking of repurchasing its own shares without going into specifics at a time when the shares of the industry leader in digital payments are trading 75% below their launch price on the stock exchange last year.
One97 Communications, the parent company of Paytm, said that its board will meet on December 13 to discuss the repurchase proposal. One97 stated, “The management feels that a repurchase may be advantageous for our shareholders given the current liquidity and financial situation of the firm.
The declaration follows the November report that SoftBank Group Corp had sold a 4.5% share. On the Bombay Stock Exchange, Paytm’s stock ended the day Thursday at 508.40 rupees, down 0.28%.