Shares of One 97 Communications, the parent company of Paytm, rose over 2% on Thursday amid a slew of developments.

What Happened: The company considered a number of resolutions during its board meeting held on Wednesday.

Paytm's board has agreed to sell its entertainment ticketing business to food-delivery giant Zomato for ₹2,048 crore. The deal encompasses Paytm's entertainment ticketing business, which includes tickets for movies, sports, and events. The fintech firm now aims to concentrate more on its primary payments and financial services.

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Additionally, the board has also approved changes to the remuneration of non-executive independent directors of the company. As a part of the revised payment structure, the directors’ salaries have now been capped at ₹48 lakh per annum, with a fixed component of ₹20 lakh. Earlier, the salaries of non-executive independent directors ranged between ₹1.7 crore to ₹2 crore. The changes have come into effect retrospectively from April 1, 2024.

Earlier this year, Paytm fell under immense regulatory pressure after the Reserve Bank of India (RBI) barred Paytm Payments Bank from accepting new deposits and conducting credit transactions with customer accounts. Prepaid instruments, wallets, FASTags and National Common Mobility Cards (NCMC) were also restricted.

The Reserve Bank of India’s decision followed subsequent evaluations by external auditors which highlighted non-compliance issues and significant supervisory concerns within the bank.

Price Action: One 97 Communications was trading 1.93% higher at ₹585.15 on Thursday.

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