Mutual Funds, foreign portfolio investors increase stake in Paytm
Mumbai: One 97 Communications reported an uptick in ownership from mutual funds, retail investors, and foreign portfolio investors up to the end of the March quarter of 2024, media reported citing a stock exchange filing on Tuesday.
As per BSE data, mutual funds increased their ownership from 4.9% in December 2023 to 6.15% in the March quarter. Mirae Mutual Fund and Nippon India Mutual Fund were among those acquiring more shares in Paytm during this period, reported the Economic Times.
Following Softbank's reduction of its stake in Paytm by 5%, the overall foreign direct investment in the company dropped to 1.4% in March 2024 from 6.46% in the December quarter, the report said.
According to a company press release, portfolio investors boosted their ownership in Paytm by 2.49%, obtaining over 15 million shares said.
Paytm has yet to submit its financials for the March quarter.
On Tuesday, in a separate exchange filing today, Paytm reported the resignation of Surinder Chawla, the chief executive of its associate entity Paytm Payments Bank, who will leave the company on June 26.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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