Shares of One 97 Communications Ltd (Paytm) are in focus on Tuesday morning after the fintech major said it is in preliminary talks with Zomato to sell its movies, ticketing business, adding that it routinely explores various strategic opportunities aimed at enhancing shareholder value. The stock would also be in news as Non-Executive Independent Director Neeraj Arora resigned from his position. Paytm appointed Rajeev Krishnamuralilal Agarwal as Non-Executive Independent Director of the company.
In the case of Zomato news, Paytm said the potential transfer of Entertainment business, a component of our Marketing Services, is one opportunity under consideration. It had in its recent earnings call said that its focus will be on payment and financial services along with digital goods commerce, which are designed to help merchants scale their businesses.
"However, any discussions currently underway are preliminary and do not involve
Paytm said the potential transfer of Entertainment business, a component of our Marketing Services, is one opportunity under consideration. It had in its recent earnings call said that its focus will be on payment and financial services along with digital goods commerce, which are designed to help merchants scale their businesses.
any binding agreements that require approval or disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, or other applicable laws. As such, any information pertaining to these discussions should be considered speculative at this time," Paytm said.
In the case of Arora's resignation, Paytm said the resignation was due to pre-occupation and other personal commitments. He will accordingly cease to be a Non Executive Independent Director with effect from closure of business hours on June 17, 2024. Consequently, he will also cease to be a member of the “Nomination and Remuneration Committee” and the “Investment Committee” constituted by the board of Paytm.
Agarwal has got wide experience of Securities Markets, Commodity Markets and Taxation. He was Whole Time Member at SEBI for five years. He was also member at Forward Markets Commission, erstwhile regulator of Commodity futures markets, for five and a half years.
Paytm shares are up 21 per cent in the past one month. Yet, they are down 34 per cent year-to-date