Shares of One 97 Communications were up 0.47 per cent to ₹980.40 on the BSE at 10.54 am today, after the parent company Paytm (Singapore) approved the sale of Stock Acquisition Rights (SARs) in PayPay Corporation, Japan, to the SoftBank Vision Fund 2 for net proceeds of ₹2,364 crore.

The transaction, expected to close this month, values PayPay at approximately ₹60,000 crore ($7 billion). Paytm Singapore acquired these SARs in September 2020.

A Paytm spokesperson said that the rights had offering the company an ‘opportunity to revolutionise mobile payments in Japan.’

A company statement said “We… will continue to support PayPay’s product and technology innovations in the future. We are working on introducing new AI-powered features to accelerate PayPay’s vision in Japan.”

According to its stock exchange filing, the net proceeds from the SARs sale will ‘strengthen One 97 Communications’ consolidated cash reserves and support future business initiatives’.