Paytm announces Rs 850 crore buyback at max price of Rs 810

MUMBAI: The board of Paytm’s parent One97 Communications on Tuesday approved a share buyback up to Rs 850 crore at a maximum price of Rs 810 per share. The company’s share closed at Rs 539 up over 2% from Monday’s close.

All directors present voted unanimously in favour of the proposal, including all independent directors. The company’s directors and key management personnel will not sell any shares during the buyback period.

The company has opted for the open market route through stock exchanges method, which is to be completed within a maximum period of 6 months.