Paytm denies rumors that the Adani Group could buy a stake. The parent firm of Paytm, One97 Communications Limited, has refuted reports that it is in talks with the Adani Group about possibly selling a stake.
This announcement comes after a report said billionaire Gautam Adani was in talks to buy a share in the digital payments company Paytm with Vijay Shekhar Sharma, the CEO of the company.
Paytm said in a stock exchange filing, “With reference to 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.”
The Adani group vehemently refutes this erroneous rumor, which is wholly wrong. Sharma reportedly met with Adani, the chairman of the ports-to-power conglomerate Adani Group, on Tuesday in order to “finalize the contours of a deal,” according to a recent media report.
It also revealed that talks between Adani and Sharma had been ongoing, and that Adani was in contact with funds in West Asia to entice them to become Paytm investors.
Shares of Paytm surged 5% in spite of the company’s denial, while those of Adani Enterprises, the group’s main business, fell 0.4%.
Exchange data indicates that as of the end of March, Vijay Shekhar Sharma owned a 9.1% ownership in Paytm in his individual capacity and an additional 10.3% through Resilient Asset Management, a foreign corporation.
