Paytm's Remarkable Rise

Shares of One97 Communication, the parent company of Paytm, experienced a significant surge, climbing over 3% to reach a 52-week high of Rs 1,007 on both the BSE and NSE. This impressive growth can be attributed to the company's recent decision to divest its stake in PayPay Corporation, a fintech entity under the Softbank group.

Stake Sale Details

One97 Communications confirmed the sale of its stake in PayPay Corporation through a regulatory filing on Friday. The company currently holds a 7.2% ownership in PayPay Corporation. The Board of Directors of One97 Communications Singapore Pvt Ltd, a wholly-owned subsidiary, approved the sale of Stock Acquisition Rights (SARs) in PayPay Corporation, Japan, during a meeting held on December 6, 2024.

Market Impact

Senior officials at Paytm indicated that the stake was valued at approximately Rs 2,000 crore, equivalent to $236 million, as of July 2024. This transaction has significantly boosted the market capitalization of the company, increasing by Rs 1,986.32 crore to Rs 64,109.58 crore. Meanwhile, the BSE Sensex showed a decline of 199.98 points or 0.24% at 81,509.14, and the NSE Nifty decreased by 54.15 points or 0.22% to 24,623.65 during morning trading.