“We want to inform you {that a} assembly of the Board of Directors of the corporate is scheduled to be held on Tuesday, December 13, 2022 to think about a proposal for buyback of the absolutely paid-up fairness shares of the corporate,” One97 Communications stated in a submitting.
While saying its outcomes for July-September, One97 Communications stated its revenues rose to Rs 1,914 crore ($233.81 million) from Rs 1,086 crore a 12 months earlier.
Consolidated internet loss widened to Rs 571 crore from a lack of Rs 473 crore for a similar interval final 12 months as bills associated to worker advantages and cost processing expenses surged.
“The management believes that given the company’s prevailing liquidity/financial position, a buyback may be beneficial for our shareholders,” the corporate added. As per its newest earnings, One97 Communications had liquidity of Rs 9,182 crore.
The firm additionally stated that it doesn’t have a ‘agency timeline’ on when Paytm Payments Bank might be allowed to onboard new clients following a ban by the central financial institution in March.
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Paytm’s shares have fallen over 75% since its itemizing debut final 12 months. On Thursday, the inventory closed at Rs 508.40 on the BSE, 0.48% decrease than its earlier shut.