Paytm’s parent company, One 97 Communications Ltd, announced on Thursday that its board of directors will meet on December 13 to discuss a proposal for a share buyback. u201cWe wish to inform you that a meeting of the Board of Directors of the company is scheduled to be held on Tuesday, December 13, 2022, to consider a proposal for buyback of the fully paid-up equity shares of the company, One97 Communications said in a filing. One97 Communications stated its revenues increased to Rs 1,914 crore ($233.81 million) from Rs 1,086 crore a year earlier while announcing its results for July-September.
Image credit: firstpost.Consolidated net loss widened to Rs 571 crore from a loss of Rs 473 crore for the same period last year as expenses related to employee benefits and payment processing charges surged.u201cThe management believes that given the companyu2019s prevailing liquidity/financial position, a buyback may be beneficial for our shareholders,u201d the company added. As per its latest earnings, One97 Communications had liquidity of Rs 9,182 crore.The business added that it does not have a firm timeline on when Paytm Payments Bank will be permitted to accept new clients after the central bank’s March suspension. Paytm’s shares have fallen over 75% since its listing debut last year. On Thursday, the stock closed at Rs 508.40 on the BSE, 0.48% lower than its previous close.
