09 Dec , 2024 By : Debdeep Gupta
Paytm share price gained over 3 percent in December 9 trade to hit a fresh 52-week high on the board's nod to sell a stake in Japan's PayPay for Rs 2,364 crore.
The stock gained 3.14 percent to hit an intraday and 52-week high of Rs 1,007 per share on the NSE. The stock had closed at Rs 976.25 apiece.
Paytm scrip has been gaining for the last five days and has risen 10.11 percent in the period. At around 10:10 AM, the stock pared most of its gains and was trading at Rs 984.80 apiece, higher by 0.88 percent.
Fintech firm and owner of Paytm brand One97 Communications' Singapore-based arm has approved the sale of its Stock Acquisition Rights in Japan's PayPay to Softbank Vision Fund 2 for Rs 2,364 crore, the company said in a regulatory filing on Saturday.
In lieu of the services, Paytm Singapore had acquired Stock Acquisition Rights, convertible into 1,59,012 shares or a 7.2 percent stake in PayPay on a fully diluted basis.
"One97 Communications Singapore Private Limited has informed the company on December 06, 2024, at 12:49 pm (IST), that its Board of Directors at its meeting held on December 06, 2024, has approved the sale of all its Stock Acquisition Rights in PayPay Corporation, Japan, to SoftBank Vision Fund 2 entity for net proceeds of JPY 41.9 billion (equivalent to Rs 2,364 crore)," the company said in the filing.
The transaction values PayPay at around Rs 32,000 crore. Paytm stated that the deal is anticipated to be finalized by December 2024.
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