The transaction is expected to be closed in December 2024, subject to the satisfactory completion of all corporate approvals and customary closing conditions.

Paytm Singapore spokesperson said, "We are grateful to Masayoshi-san and the PayPay team for giving us the opportunity to together create a mobile payment revolution in Japan. We remain fully committed and will continue to support PayPay's product and technology innovations in future. We are working on introducing new AI-powered features to accelerate PayPay’s vision in Japan.”

The board of Paytm Singapore has approved the sale of the above-mentioned SARs as it has created significant value for the company. The SARs sale net proceeds would fortify the consolidated cash reserves of OCL and help drive future business initiatives, focused on maximizing value creation for shareholders.

Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytm’s mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology.

The company reported a consolidated net profit of Rs 928.30 crore in Q2 FY25 as compared with net loss of Rs 290.50 crore posted in Q2 FY24. Revenue from operations was at Rs 1,659.50 crore in September 2024 quarter, down 34.1% YoY.

The scrip jumped 2.02% to end at Rs 975.80 on Friday, 6 December 2024.