Paytm says talks of Adani buying stake in it is speculative

29 May 2024 , 10:17 AM

In response to a media story on Wednesday, One97 Communications stated that the report claiming that Gautam Adani, the head of the Adani Group, is probably thinking about buying a stake in One97 Communications, the business that owns Paytm, is completely speculative.

“We would like to make it clear that the news item stated above is speculative, and the company has not had any discussions about it. The company released an official statement, saying, “We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.”

According to the ToI story, on Tuesday, Paytm CEO and founder Vijay Shekhar Sharma went to Adani’s Ahmedabad office to “finalise the contours of a deal.”

Approximately 19% of One 97 Communications is owned by Vijay Shekhar Sharma, whose stake is worth at ₹4,218 Crore based on Tuesday’s closing price of ₹342 per share. He owns 9% of Paytm directly and 10% through the overseas company Resilient Asset Management. Sharma and Resilient are categorised as public shareholders in One 97’s stock exchange filings.

The private equity firm Saif Partners, which owns 15% of One 97, Antfin Netherlands, which was started by Jack Ma, owns 10% of the company, and the directors of the company, who own 9%.

One 97, which Sharma founded in 2007, was the second-largest initial public offering (IPO) in the nation when it was founded, and it is today valued at more than ₹21,000 Crore.

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