(BRK.A), (BRK.B)
Berkshire Hathaway-backed financial Paytm Paytm has approved the repurchase of up to $127 million of its shares inclusive of all taxes and other expenses. The buyback was unanimously approved by the company’s board on Tuesday.
Paytm, which stands for Pay through mobile, is India’s largest mobile payments and commerce platform.
Paytm went public late last year at 2,150 Indian rupees ($26) but has lost some 60 percent of its value.
In 2018, Berkshire Hathaway made a $356 million investment for a 3-4% stake in One97 Communications Ltd, the parent of Paytm.
© 2022 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.