Fintech company and owner of Paytm’s Singapore-based brand One97 Communications’ has approved the sale of its equity stake in Japan’s PayPay to Softbank Vision Fund 2 for Rs 2,364 crore, the company said in a regulatory filing. on Saturday.
Paytm and Paytm Singapore had signed an agreement with Japanese digital wallet firm Softbank Corp, Softbank Group Corp and Yahoo Japan Corporation to provide technology services to PayPay.
In lieu of the services, Paytm Singapore had received Stock Acquisition Rights, which converted into 1,59,012 shares or a 7.2 percent stake in PayPay on a fully diluted basis.
“One97 Communications Singapore Private Limited has informed the company on December 06, 2024, at 12:49 pm (IST), that its Board of Directors at its meeting held on December 06, 2024, has approved the sale of all its Purchase Rights. -PayPay Corporation, Japan, in partnership with SoftBank Vision Fund 2 with a net profit of JPY 41.9 billion (equivalent to Rs 2,364 crore),” the company said in a filing.
This transaction values ​​PayPay at around USD 3.8 billion or around Rs 32,000 crore.
Paytm said the project is expected to be completed by December 2024.
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