Paytm share price jumps 5% after arm acquires 25% in US-based Seven Technology LLC

Paytm share price jumped over 5% after the company announced the acquisition of a US-based entity by its subsidiary Paytm Cloud Technologies. Paytm shares rallied as much as 5.27% to ₹782.80 apiece on the BSE.

One 97 Communications, the parent company of fintech giant Paytm, informed that the board of directors of its wholly-owned subsidiary Paytm Cloud Technologies has approved an investment of $1 million, equivalent to ₹8.70 crore, in Seven Technology LLC incorporated in Delaware for acquisition of 25% stake.