Paytm dismisses speculation on potential stake acquisition by Adani

One97 Communications Limited, the parent company of Paytm, has denied being in any discussions with the Adani Group regarding a potential stake sale.

May 29, 2024 - 12:30
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Paytm dismisses speculation on potential stake acquisition by Adani

One97 Communications Limited, the parent company of Paytm, has denied being in any discussions with the Adani Group regarding a potential stake sale.

This statement follows a report suggesting that billionaire Gautam Adani was negotiating with Paytm CEO Vijay Shekhar Sharma to acquire a stake in the digital payments firm.

''Concerning the captioned subject, we hereby clarify that the above-mentioned news item is speculative, and the Company is not engaged in any discussions in this regard,” Paytm stated in a stock exchange filing. The Adani group also categorically denies this baseless speculation; it is totally false and untrue.

A recent media report claimed Sharma had visited Adani, the chairman of the ports-to-power conglomerate Adani Group, on Tuesday to "finalise the contours of a deal." It also indicated that discussions between Adani and Sharma had been ongoing, with Adani also in talks with West Asian funds to bring them in as investors in Paytm.

Despite the company's denial, Paytm's shares jumped 5%, while Adani Enterprises, the flagship company of the Adani Group, saw its shares dip 0.4%.

As of the end of March, Vijay Shekhar Sharma holds a 9.1% stake in Paytm in his personal capacity and another 10.3% through Resilient Asset Management, a foreign entity, according to exchange data.

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