Paytm rejects speculations about a potential stake acquisition by Adani Group

One97 Communications Limited, the parent company of Paytm, has denied that it was in any talks with the Adani Group regarding a potential stake sale.

This statement follows a report suggesting that billionaire Gautam Adani was in negotiations with Paytm CEO Vijay Shekhar Sharma to acquire a stake in the digital payments company.

“Referring to the title, we clarify that the above news is speculative in nature and the Company is not in any discussion on the same,” Paytm said in a stock exchange filing.

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The Adani Group categorically denies these baseless speculations; this is completely false and untrue.

A recent media report said Sharma visited Adani, chairman of energy conglomerate Adani Group, on Tuesday to “finalize the outline of the deal.”

She also indicated that talks are ongoing between Adani and Sharma and Adani is also in talks with West Asian funds to rope them in as investors in Paytm.

Despite the company’s denials, Paytm’s shares jumped 5% while Adani Enterprises, the flagship company of the Adani Group, fell 0.4%.

As of March-end, Vijay Shekhar Sharma held 9.1% stake in Paytm personally and another 10.3% through foreign entity Resilient Asset Management, according to stock exchange data.