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Indian financial services firm Paytm said Thursday evening it is considering repurchasing its shares, following a tremulous year that has seen its stock price fall by over 60%.
In a stock exchange filing, Paytm said it will consider a proposal to buyback the fully paid-up equity shares of the company and discuss it in a meeting with board on December 13.
“The management believes that given the company’s prevailing liquidity/ financial position, a buyback may be beneficial for our shareholders. The outcome of the Board meeting will be disseminated to the stock exchanges after conclusion of the Board meeting on December 13, 2022, in accordance with the applicable provisions of the SEBI Listing Regulations,” it said in the filing.
Buybacks are not uncommon and are generally seen as a way companies could reward their shareholders. Many firms have ramped up repurchasing their shares this year, taking advantage of the falling prices in the public markets globally.
The move is especially notable for Paytm, whose shares have fallen over 65% since listing late last year and have never recovered to touch the issue price of $25.2. Its shares ended Thursday at $6.2.
(More to follow)
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