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Paytm, Adani Group quash report claiming Gautam Adani stake talks with Vijay Shekhar Sharma
Paytm
Photo courtesy: File image by Lakshmisreekanth via Wikimedia Commons

Paytm, Adani Group quash report claiming Gautam Adani stake talks with Vijay Shekhar Sharma

| @indiablooms | 29 May 2024, 12:34 pm

New Delhi/IBNS: Both Adani Group and Paytm on Wednesday dismissed recent media reports claiming Gautam Adani was likely in talks with Vijay Shekhar Sharma, the founder chairman and managing director of Paytm's parent company One97 Communications, to acquire stake in the Indian fintech major.

Times of India recently reported that Gautam Adani was considering acquiring a stake in One97 Communications, Paytm's parent company, and Adani met with Vijay Shekhar Sharma at his office in Ahmedabad to finalise the contours of a deal.

The report also claimed, citing sources, that Gautam Adani was engaging with West Asian funds to attract them as investors in One97 Communications.

After the report was published, One 97 Communications (Paytm)'s shares hit 5 percent upper circuit limit on Wednesday (May 29).

Reacting to the development, Paytm said the media reports regarding the stake talks were speculative and the fintech company was not engaged in any discussions with the Adani Group.

"We hereby clarify that the abovementioned news item is speculative and the Company is not engaged in any discussions in this regard. 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," Paytm said, in a clarification issued on the bourses.

A spokesperson of the Adani Group also categorically denied the news report that claimed the company was going to buy a stake in digital payments major Paytm.

"We categorically deny this baseless speculation. It is totally false and untrue," the spokesperson said.

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