“We wish to inform you that a meeting of the Board of Directors of the company is scheduled to be held on Tuesday, December 13, 2022 to consider a proposal for buyback of the fully paid-up equity shares of the company,” One97 Communications said in a filing.
While announcing its results for July-September, One97 Communications said its revenues rose to Rs 1,914 crore ($233.81 million) from Rs 1,086 crore a year earlier.
Consolidated net loss widened to Rs 571 crore from a loss of Rs 473 crore for the same period last year as expenses related to employee benefits and payment processing charges surged.
“The management believes that given the company’s prevailing liquidity/financial position, a buyback may be beneficial for our shareholders,” the company added. As per its latest earnings, One97 Communications had liquidity of Rs 9,182 crore.
The company also said that it does not have a ‘firm timeline’ on when Paytm Payments Bank will be allowed to onboard new customers following a ban by the central bank in March.
Discover the stories of your interest
Paytm’s shares have fallen over 75% since its listing debut last year. On Thursday, the stock closed at Rs 508.40 on the BSE, 0.48% lower than its previous close.
