Paytm, Adani Group deny talks regarding stake sale

New Delhi. One97 Communications Limited said on Wednesday that it is not in any talks to sell stake to Adani Group. Adani Group has also termed such reports as “false and untrue”. One97 Communications Limited owns Paytm. On reports of industrialist Gautam Adani holding talks with Chief Executive Officer (CEO) Vijay Shekhar Sharma to buy a possible stake in Paytm, One97 Communications said, “This is mere speculation. The company is not in any talks in this regard.”

On the other hand, a spokesperson for the Adani Group said, “We categorically deny this baseless speculation. It is completely false and untrue.” As of the end of March, Vijay Shekhar Sharma held a 9.1 percent stake in Paytm in his personal capacity. He held a 10.3 percent stake through foreign entity Resilient Asset Management. Paytm has lost nearly half of its market value since shutting down its banking unit due to violation of rules. Since then, there have been constant speculations regarding the acquisition. In February, there were reports that the company was in talks with billionaire Mukesh Ambani’s Jio Financial Services, but both the companies denied it.

Paytm said in a notice to the stock exchange, “In reference to the above subject, we clarify that the above news is speculative and the company is not involved in any discussion in this regard.” A newspaper had claimed in its report that Adani Group Chairman Gautam Adani wants to buy stake in One97 Communications and Sharma met him at his office in Ahmedabad. The Reserve Bank of India (RBI) had barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer account, wallet and Fastag from March 15, keeping in mind the interest of customers including merchants.

Fintech company One97 Communications’ loss widened to Rs 550 crore in the fourth quarter of FY 2023-24. The company has written off an investment of Rs 227 crore for a 39 percent stake in PPBL in the January-March quarter. Paytm founder and Chief Executive Officer (CEO) Vijay Shekhar Sharma holds a 51 percent stake in PPBL.

Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.

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