One97 Communications jumps as its arm gets nod to acquire 25% stake in Seven Technology
One97 Communications is currently trading at Rs. 761.00, up by 17.40 points or 2.34% from its previous closing of Rs. 743.60 on the BSE.
The scrip opened at Rs. 738.70 and has touched a high and low of Rs. 767.00 and Rs. 711.00 respectively. So far 300593 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1063.00 on 17-Dec-2024 and a 52 week low of Rs. 310.00 on 09-May-2024.
Last one week high and low of the scrip stood at Rs. 815.00 and Rs. 711.00 respectively. The current market cap of the company is Rs. 48525.67 crore.
The Institutions and Non-Institutions held 67.91% and 32.09% stake in the company respectively.
One97 Communications’ wholly-owned subsidiary -- Paytm Cloud Technologies (PCTL) has received Board’s approval for an investment of $1 million (equivalent to Rs 8.70 crore) in Seven Technology LLC incorporated in Delaware for acquisition of 25% stake and execution of transaction documents in this regard. The Board of Directors of PCTL at its meeting held on February 03, approved the same.
Seven Technology LLC is the parent company of Dinie Correspondente Bancario e Meios de Pagamento (Dinie), Brazil based API-first embedded finance start-up. Dinie enables digital/ e-commerce platforms to provide digital financial services solutions to micro, small and medium-sized enterprises (MSMEs) in Brazil.
Post consummation of the transaction, Seven Technology LLC and Dinie will become associate entities of the company. This investment would help in understanding the merchants’ business landscape and opportunity in the Brazilian market.
One 97 Communications (Paytm) is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, the company builds technologies that help small businesses with payments and commerce.
