The buyback of equity shares by Paytm was approved by the board. According to Securities and Exchange Board of India (Sebi) rules, One97 Communications Limited, the company that controls Paytm, announced a repurchase of up to Rs850 crore.
The company also stated that the maximum buyback price will be Rs810 per share in the BSE filing (a 50 percent premium to the closing price as of the date of the board meeting).
The filing stated that all present directors, including all independent directors, voted unanimously in favor of the motion. Directors and other important executives of the company will not sell any shares during the buyback period.
The entire expenditure would exceed Rs1,048 crore in the event of a full buyback of Rs850 crore, plus any buyback taxes that might apply.
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