Board of Paytm's Singapore arm approves stake sale in Japanese firm PayPay Corporation
Paytm operator One 97 Communications on Friday informed exchanges about the company's plans to sell its stake in Japanese digital payments company PayPay Corporation.
Paytm in its regulatory filing said the board of directors of One97 Communications Singapore Private Limited in a meeting on Friday gave an approval for the said transaction. One97 Communications Singapore is a wholly-owned subsidiary of Paytm Singapore.
One97 Communications Singapore will sell Stock Acquisition Rights (SARs) in PayPay Corporation.
The revelation came after exchanges sought clarification from the company regarding the moneycontrol.com article — ‘Paytm to sell stake in Japan's PayPay to SoftBank for $250 million’.
Citing sources, the media report said One97 Communications was close to finalising a $250 million (approximately Rs 2,000 crore) deal to sell its stake in Japan’s digital payments firm to SoftBank Group.
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