India's Paytm considers share buyback
(Reuters) -India's Paytm said on Thursday it was considering to repurchase its own shares, without specifying details, at a time when the digital payments giant's shares are trading 75% lower than its stock market debut last year.
Paytm's parent company, One97 Communications, said its board is set to meet on Dec. 13 to consider the buyback proposal.
"The management believes that given the company’s prevailing liquidity/ financial position, a buyback may be beneficial for our shareholders," One97 said.
The announcement comes after Reuters reported in November that SoftBank Group Corp sold a 4.5% stake.
Paytm's scrip closed 0.28% lower on Thursday at 508.40 rupees on the Bombay Stock Exchange.
(Reporting by Anirudh Saligrama in Bengaluru; Editing by Maju Samuel)
