One97 Communications Singapore approves sale of stake in PayPay

One97 Communications (OCL), which runs Paytm, said the board of directors of its subsidiary One97 Communications Singapore has approved the sale of its shareholding in PayPay Corporation, a payments firm which operates in Japan.

In a filing with the BSE, OCL said the transaction will be subject to clearances from all stakeholders and after requisite corporate approvals.

The story was first broken by Moneycontrol today, following which the BSE had sought a clarification from the Noida-headquartered company. OCL's filing was in response to queries from the stock exchange.


The company said this transaction will help push up the cash balances held by OCL.

Moneycontrol had reported that Paytm is looking to sell its stake in the Japanese payments firm to SoftBank for approximately $250 million.

For the fintech firm, which has been facing regulatory scrutiny in its payments bank business, this is the second asset sale after it sold its ticketing business Paytm Insider to Zomato earlier this year.

Paytm shares closed 2% higher at Rs 975.80 on the BSE today.