<p>Bengaluru: Fintech company One97 Communications, the parent company of Paytm, approved the sale of its stake in Japan’s credit card company PayPay Corporation on Friday, the company said in a regulatory filing to the stock exchanges.</p>.<p>Paytm held 7.2 per cent stake in PayPay Corporation.</p>.<p>With this transaction, Paym aims to increase its consolidated cash balance.</p>.<p>One97 Communications Singapore, a wholly owned subsidiary of Paytm’s Singapore arm approved sale of stock acquisition rights (SARs) in PayPay.</p>.<p>The filing was in response to the BSE seeking clarification following a media report on the sale saying that it was for $250 million to Softbank Group.</p>.<p>SoftBank Group already holds shares in PayPay via B Holdings Corporation. The shares held are 50 per cent each by Softbank and LY Corporation, a subsidiary of Softbank, along with 5.9 per cent of PayPay's shares directly, as of March 2024.</p>.<p>“The transaction is subject to the satisfactory completion of all corporate approvals, execution of transaction documents and customary closing conditions. We shall submit the necessary disclosure as per the provisions of Regulation 30 of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, within stipulated time,” said Paytm in the filing.</p>.<p>On Friday, shares of Paytm settled at Rs 975.80 per piece on the BSE, a 2 per cent rise. During the day, they hit a 52-week high at Rs 990.9 per share, a 3 per cent rise.</p>.<p>Paytm did not respond to queries sent by <em>DH </em>till the time of publication.</p>
<p>Bengaluru: Fintech company One97 Communications, the parent company of Paytm, approved the sale of its stake in Japan’s credit card company PayPay Corporation on Friday, the company said in a regulatory filing to the stock exchanges.</p>.<p>Paytm held 7.2 per cent stake in PayPay Corporation.</p>.<p>With this transaction, Paym aims to increase its consolidated cash balance.</p>.<p>One97 Communications Singapore, a wholly owned subsidiary of Paytm’s Singapore arm approved sale of stock acquisition rights (SARs) in PayPay.</p>.<p>The filing was in response to the BSE seeking clarification following a media report on the sale saying that it was for $250 million to Softbank Group.</p>.<p>SoftBank Group already holds shares in PayPay via B Holdings Corporation. The shares held are 50 per cent each by Softbank and LY Corporation, a subsidiary of Softbank, along with 5.9 per cent of PayPay's shares directly, as of March 2024.</p>.<p>“The transaction is subject to the satisfactory completion of all corporate approvals, execution of transaction documents and customary closing conditions. We shall submit the necessary disclosure as per the provisions of Regulation 30 of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, within stipulated time,” said Paytm in the filing.</p>.<p>On Friday, shares of Paytm settled at Rs 975.80 per piece on the BSE, a 2 per cent rise. During the day, they hit a 52-week high at Rs 990.9 per share, a 3 per cent rise.</p>.<p>Paytm did not respond to queries sent by <em>DH </em>till the time of publication.</p>