One97 Communications Limited, the parent firm of Paytm, has denied being involved in any discussions with Adani Group regarding a potential stake sale. This announcement comes in response to a recent news report suggesting that billionaire Gautam Adani was negotiating with Paytm CEO Vijay Shekhar Sharma to acquire a stake in the digital payments firm.
In a stock exchange filing, Paytm said, "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."
Echoing this sentiment, Gautam Adani, chairman of Adani Group, categorically denied the claims, stating, "This baseless speculation is totally false and untrue."
The report in question, published by the Times of India (TOI), claimed that Sharma had visited Adani in Ahmedabad on Tuesday to "finalise the contours of a deal." It suggested 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 experienced a 5 per cent increase, while Adani Enterprises, the flagship company of Adani Group, saw its shares dip by 0.4 per cent. One97 Communication’s shares are trading at Rs 359.55, apiece, up 4.99 per cent, on the BSE on Wednesday.
As of the end of March, exchange data indicates that Vijay Shekhar Sharma's ownership in One97 Communications stands at around 19 per cent, valued at Rs 4,218 crore. His direct stake in Paytm is 9 per cent, while an additional 10 per cent is held through Resilient Asset Management, a foreign entity. Both Sharma and Resilient are identified as public shareholders, according to One 97 Communication's filings with stock exchanges.
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