Paytm share price jumps 5% after arm acquires 25% in US-based Seven Technology LLC | Stock Market News
Paytm share price jumped over 5% after the company announced the acquisition of a US-based entity by its subsidiary Paytm Cloud Technologies. Paytm shares rallied as much as 5.27% to ₹782.80 apiece on the BSE.
One 97 Communications, the parent company of fintech giant Paytm, informed that the board of directors of its wholly-owned subsidiary Paytm Cloud Technologies has approved an investment of $1 million, equivalent to ₹8.70 crore, in Seven Technology LLC incorporated in Delaware for acquisition of 25% stake.
Seven Technology LLC is the parent company of Dinie Correspondente Bancário e Meios de Pagamento Ltda., 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,” One 97 Communications said in a regulatory filing on February 3.
Seven Technology LLC has no operations on a standalone basis and the business is carried out through its 100% subsidiary, Dinie. For the year ended December 31, 2024, the turnover of Dinie was BRL 357,920.
“This investment would help in understanding the merchants’ business landscape and opportunity in the Brazilian market. The indicative time period for completion of the acquisition is within 45 days,” Paytm said.
Paytm Share Price Trend
Paytm stock price has fallen 21% in one month, but has rallied over 47% in the past six months. Over the one year period, Paytm shares have delivered 60% returns to shareholders.
At 12:10 PM, Paytm shares were trading 4.69% higher at ₹778.50 apiece on the BSE, commanding a market capitalisation of more than ₹49,631 crore.
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