Shares of One97 Communication, which owns the Paytm brand, on Monday jumped over 3 per cent on the bourses after the company approved the sale of stake in Softbank group's fintech firm PayPay Corporation.
The shares of the company rose over 3 per cent to hit its 52-week high of Rs 1,007 each on the BSE and NSE.
As the company's shares touched a 52-week high, the market valuation of Paytm rose by Rs 1,986.32 crore to Rs 64,109.58 crore.
The 30-share BSE Sensex declined 199.98 points or 0.24 per cent to trade 81,509.14 in the morning trade, while the NSE Nifty slipped 54.15 points or 0.22 per cent to 24,623.65.
In a regulatory filing on Friday, fintech firm One97 Communications has approved the sale of stake in Softbank group's fintech firm PayPay Corporation.
Paytm holds 7.2 per cent stake in PayPay Corporation.
"We have been informed by One97 Communications Singapore Pvt Ltd, a wholly-owned subsidiary of the company at 12.49 PM (IST), that its Board of Directors at its meeting held today i.e., December 6, 2024, approved sale of Stock Acquisition Rights (SARs) in PayPay Corporation, Japan," Paytm said in the filing.
According to Paytm senior officials, the stake was valued around Rs 2,000 crore, close to USD 236 million, in July 2024.
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