Paytm shares rise 3% as co completes transfer of events biz to Zomato
[hfe_template id='11223']
[ad_1]
Paytm on Tuesday announced the completion of transferring its events and movie ticketing business to Wasteland Entertainment and Orbgen Technologies. Additionally, Zomato has subscribed to the share capital of both these subsidiaries. Following the update, shares of Paytm rose 2.5% on BSE to the day’s high of Rs 559.65, while those of Zomato gained nearly 1% to Rs 257.80. “We wish to inform you that as part of this transaction, the transfer of the events and movies ticketing business to Wasteland Entertainment Private Limited (WEPL) and Orbgen Technologies Private Limited (OTPL), respectively, along with subscription by Zomato Limited in the share capital of both subsidiaries, has been completed today, i.e., August 27, 2024. Simultaneously, the 100% shareholding of the Company in WEPL and OTPL has been transferred to Zomato Limited, resulting in both entities ceasing to be subsidiaries of the Company,” said Paytm in a filing to the exchan...