By Ranjeet
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One97 Communications, doing business as Paytm, is a digital financial services provider.
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on Thursday, the firm announced that its board of directors would be meeting on December 13, 2022 to discuss a proposal to repurchase shares of the company's stock.
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As of the most recent financial report, the firm has a total of 9,182 crore in cash and short-term investments. The extent to which a company can quickly convert its assets into cash is a key indicator of its liquidity.
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Following the conclusion of the board meeting on December 13th, the company stated that the outcome would be communicated to the stock exchanges.
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Since the company is in a strong financial position at the present time, management has decided that a buyback could be good for shareholders.
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Paytm's first-year share decline was the largest decline among major IPOs over the past decade.
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One year after its $2.4 billion offering, India's largest at the time, the digital payments platform's creator compared its hurdles to Tesla's.
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Paytm's losses have worsened as the company frets over a prospective rival owned by the largest conglomerate in the country.
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An additional method of returning capital to shareholders that can be tax-efficient is through the purchase of existing shares.
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The value of a company's stock and its earnings per share might rise if the number of outstanding shares is reduced through a share repurchase programme (EPS).
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In midday trading on the NSE, shares of One 97 Communications Ltd were down 0.32% to 508.25 each, having hit a new 52-week low of 441 last month.
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