Shares of One 97 Communications, the parent company of Paytm, soared 3%, reaching an intraday high of Rs 751 on 17 February after the company’s subsidiary, Paytm Cloud Technologies, successfully acquired Seven Technology LLC.
Previously, Paytm revealed that Paytm Cloud Technologies Ltd. had spent $1 million, or Rs 8.7 crore, in Seven Technology LLC, Delaware, to buy a quarter of the company and complete the necessary paperwork.
In its regulatory filing, the company said, “We have been informed by Paytm Cloud Technologies Limited, our wholly-owned subsidiary, that the Board of Directors of PCTL at its meeting held on 3 February, 2025 and concluded at 08:15 am. (IST) has approved an investment of $1 million (equivalent to Rs 8.70 crore) in Seven Technology LLC incorporated in Delaware for the acquisition of a 25% stake and execution of transaction documents in this regard.”
Seven Technology LLC is the owner of Dinie Correspondente Bancário e Meios de Pagamento Ltd. (Dinie), a Brazilian integrated finance start-up that was the first to use APIs. Through digital/e-commerce platforms, Dinie makes it easier for micro, small, and medium-sized enterprises (MSMEs) in Brazil to receive digital financial services solutions.
After the purchase is finalized, Dinie and Seven Technology LLC will become associate entities of the company.
Last year, One97 Communications Singapore approved the sale of Stock Acquisition Rights (SARs) in PayPay Corporation, a company based in Japan. In September 2020, Paytm’s Singapore division acquired these SARs.
At 1:30 pm, the shares of One97 Communications were trading 0.37% higher at Rs 726.75 on NSE.
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