Shares of One 97 Communications Ltd, owner of Paytm, gained 3% to hit a 52-week high of Rs 1,007 on 09 December after the Board of Directors of the company gave approval to sell a stake in PayPay in Japan for Rs 2,364 crore.

The Singapore-based subsidiary of One97 Communications, a fintech business and owner of the Paytm brand, announced in a regulatory filing on Saturday that it has authorized the sale of its stock acquisition rights in Japan’s PayPay to Softbank Vision Fund 2 for Rs 2,364 crore.

To compensate for the services, Paytm Singapore purchased Stock Acquisition Rights, which may be converted into 1,59,012 shares, or 7.2 % of PayPay, when fully diluted.

In its regulatory filing, the company said, “One97 Communications Singapore Private Limited has informed the company on 06 December, 2024, at 12:49 pm (IST), that its Board of Directors at its meeting held on 06 December, 2024, has approved the sale of all its Stock Acquisition Rights in PayPay Corporation, Japan, to SoftBank Vision Fund 2 entity for net proceeds of JPY 41.9 billion (equivalent to Rs 2,364 crore).”

PayPay is valued at around Rs 32,000 crore in this transaction. According to Paytm, the agreement should be completed by December 2024.

However, at 1:55 pm, the shares of Paytm were trading 0.54% lower at Rs 970.90 on NSE. 

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