One97 Communications addresses speculation about Adani Group chairman Gautam Adani’s potential stake acquisition in Paytm’s parent company, emphasizing compliance with SEBI regulations and confirming no ongoing discussions.
One 97 Communication Ltd., the parent company of Paytm, dismisses the report of “stake sale talks with billionaire Gautam Adani” as speculative. The company, founded by Vijay Shekhar, asserts it is not involved in any discussions regarding this matter.
One97 Communications Denies Speculative Reports Amid Adani’s Potential Stake Acquisition
“We have consistently and will continue to adhere to disclosure requirements under SEBI,” it stated. According to the report, Paytm’s founder and CEO allegedly met Gautam Adani in Ahmedabad to finalize deal details.
The suggestion arose that Adani was in talks with West Asian funds for their investment in the Paytm operator. Paytm shares traded 5% higher at Rs 359.55 on BSE. According to a Times of India report, Gautam Adani was contemplating purchasing a stake in Paytm’s parent company.
This report surfaced amid escalating losses at Paytm due to the RBI ban on Paytm Payments Bank. The fintech giant recorded a loss of Rs 549.60 crore in the March quarter, up from Rs 219.80 crore in the December quarter and Rs 168.90 crore in the same quarter last year.
One97 Communications’ shares, owning fintech firm Paytm, were locked in a 5% upper circuit at Rs 359.55 on the BSE at 09:18 AM on Wednesday, amid reports of Adani Group’s potential stake acquisition in Paytm.
In response, One97 Communications has clarified that the news is speculative, affirming no discussions on the matter.
A total of 546,000 equity shares exchanged hands, with pending buy orders for nearly 4 million shares on the NSE and BSE, as per data. Meanwhile, the S&P BSE Sensex was down 0.33% at 74,922.
According to a Times of India report, Adani Group chairman Gautam Adani seeks to purchase a stake in One 97 Communications, the operator of Paytm.
Paytm founder & CEO Vijay Shekhar Sharma reportedly met Adani at his Ahmedabad office on Tuesday to “finalize the deal contours,” as per the newspaper.
However, the company refuted the report, stating in an exchange filing, “the news is speculative, and the company has not engaged in any discussions regarding this matter,” One97 Communication said.
The ToI report follows a Financial Times report stating, “Adani Group considers applying for an India public digital payments network license” and discussing plans for a co-branded credit card with banks.
Led by billionaire Gautam Adani, the group aims to extend its digital presence by joining India’s Unified Payments Interface (UPI) network. Adani is also in talks to provide online shopping via the government-supported Open Network for Digital Commerce (ONDC) platform.
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