Paytm dismissed a report suggesting billionaire Gautam Adani was negotiating with CEO Vijay Shekhar Sharma to acquire a stake in the digital payments firm.
Vijay Shekhar Sharma holds a 9.1% stake in Paytm in his personal capacity.
New Delhi,UPDATED: May 29, 2024 10:28 IST
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.
“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,” Paytm stated in a stock exchange filing.
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.
Published On:
May 29, 2024
English (US) ·