The managing director of digital financial services company One97 Communications, Vijay Shekhar Sharma, has bought 1.7 lakh shares in the company for 11 rupees, according to regulatory documents.
The revelations from the company, which operates under the Paytm brand, show that Sharma bought the shares on May 30-31.
On May 30, Sharma bought 1,00552 shares worth Rs 6.31 Crore, and on May 31, it bought 71,469 shares worth Rs 4.68 Crore.
The company’s shares traded at 625.75 rupees in the afternoon session.
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Sharma has not allowed him to buy shares for at least six months because he was a selling shareholder in Paytm’s IPO and now that this restriction has expired, he has bought shares in Paytm.
Earlier in April, Sharma wrote a letter to shareholders saying the company would achieve operating EBITDA (EBITDA before ESOP spending) over the next six quarters.
“We are encouraged by our business momentum, the scale of monetization and operational leverage. We expect this to continue, and I believe that we need to operate EBITDA on impeccability over the next 6 quarters (ie EBITDA before ESOP expenditure and until the quarter ending September 2023) “well ahead of most analysts’ estimates. is that we will achieve this without compromising any of our growth plans, “he wrote.
Goldman Sachs said in a report in May that the current stock price offers a convincing entry point into India’s largest and fastest growing fintech platforms.
The price of Paytm IPO was 2150 rupees per share, but began to fall when it was registered in November. It reached its lowest level of Rs 511, but has been trading in the Rs 600 range for some time.
Paytm ended the previous financial year with a strong note, recording 89% annual growth in revenue growth in the fourth quarter at 1541 rupees, while earnings from contributions rose 210% year on year to 539 rupees.
For 2021-22, the company’s revenue from operations increased by 77% on an annual basis to 4974 kroner, while the profit on contributions increased by 313% on an annual basis to 1498 kroner.