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One97 Communications, the parent company of Paytm, has issued 84,793 equity shares valued at approximately $665,510 under its employee stock option schemes. This includes 84,377 shares from the 2019 scheme and 416 from the 2008 scheme, with an exercise price of 9 rupees per share. Following this issuance, Paytm's total equity share capital has risen to 63.77 crore rupees.
The Enforcement Directorate is investigating Paytm's parent company, One97 Communications, for alleged violations of the Foreign Exchange Management Act (FEMA), including unreported foreign investments and improper fund transfers abroad. The probe, which covers activities from 2015 to 2019, involves the company's acquisitions of subsidiaries Little Internet and Nearbuy India, with potential contraventions amounting to around Rs 611 crore. Paytm is currently seeking legal advice to address these allegations while maintaining its commitment to compliance and governance standards.
Paytm Singapore is set to sell its Stock Acquisition Rights in PayPay Corporation to SoftBank Vision Fund 2 for approximately Rs 2,364 crore (JPY 41.9 billion). The deal, expected to close by December 2024, is subject to corporate approvals and customary conditions. Proceeds will bolster Paytm's cash reserves for future initiatives.
UBS has raised its target price for Paytm to Rs 1,000, reflecting improved growth prospects following the resolution of regulatory issues. The brokerage anticipates adjusted EBITDA breakeven by Q4 FY25, with revenue growth expected to match FY24 levels. Paytm shares closed at Rs 901.75 on November 29, having nearly tripled since their all-time low in May 2024.
One97 Communications Ltd.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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