New Delhi, Paytm operator One97 Communications Ltd on Wednesday said it is not in talks to sell stake to Adani Group. Adani Group has also termed such reports as "false and untrue".
Commenting on a report that billionaire Gautam Adani was in talks with Paytm CE Vijay Shekhar Sharma to potentially buy a stake, One97 Communications said, "The news is speculative and the company is not involved in any discussions in this regard."
Separately, an Adani Group spokesperson said, "We categorically reject this baseless speculation. It is completely false and untrue.,
As of the end of March, Sharma owned 9.1 percent of Paytm in his individual capacity and 10.3 percent through overseas unit Resilient Asset Management.
Since the closure of its banking unit following regulatory violations, Paytm has lost almost half of its market value and there is constant speculation about its potential takeover target.
In February, billionaire Mukesh Ambani was reported to be in talks with Zee Financial Services, but both entities had denied this.
"In the context of the above mentioned subject, we clarify that the news mentioned above is speculative and the company is not involved in discussions in this regard," Paytm said in a regulatory filing.
A newspaper has reported that Adani Group Chairman Gautam Adani is looking to buy stake in One97 Communications and Sharma met him at his office in Ahmedabad.Paytm recently reported loss widening to Rs 550 crore in the fourth quarter of FY 2023-24 following restrictions imposed by the Reserve Bank of India (RBI) on its payments bank-related transactions.
Keeping in mind the interest of customers including merchants, RBI has barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer account, wallet and Fastag from March 1.
During the reported quarter the company wrote off investment of Rs 227 crore for 39 per cent stake in PPBL due to uncertainties related to future operations of the bank including any other regulatory developments etc.
Sharma holds 51 percent stake in PPBL.
Commenting on a report that billionaire Gautam Adani was in talks with Paytm CE Vijay Shekhar Sharma to potentially buy a stake, One97 Communications said, "The news is speculative and the company is not involved in any discussions in this regard."
Separately, an Adani Group spokesperson said, "We categorically reject this baseless speculation. It is completely false and untrue.,
As of the end of March, Sharma owned 9.1 percent of Paytm in his individual capacity and 10.3 percent through overseas unit Resilient Asset Management.
Since the closure of its banking unit following regulatory violations, Paytm has lost almost half of its market value and there is constant speculation about its potential takeover target.
In February, billionaire Mukesh Ambani was reported to be in talks with Zee Financial Services, but both entities had denied this.
"In the context of the above mentioned subject, we clarify that the news mentioned above is speculative and the company is not involved in discussions in this regard," Paytm said in a regulatory filing.
A newspaper has reported that Adani Group Chairman Gautam Adani is looking to buy stake in One97 Communications and Sharma met him at his office in Ahmedabad.Paytm recently reported loss widening to Rs 550 crore in the fourth quarter of FY 2023-24 following restrictions imposed by the Reserve Bank of India (RBI) on its payments bank-related transactions.
Keeping in mind the interest of customers including merchants, RBI has barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer account, wallet and Fastag from March 1.
During the reported quarter the company wrote off investment of Rs 227 crore for 39 per cent stake in PPBL due to uncertainties related to future operations of the bank including any other regulatory developments etc.
Sharma holds 51 percent stake in PPBL.
