Paytm Denies Speculation of Stake Sale to Adani Group

Hours after a media report claimed that Adani Group Chairman Gautam Adani was in talks with Paytm founder Vijay Shekhar Sharma to buy a stake in Paytm, the popular fintech company termed the report “speculative.”

In a filing to stock exchanges, Paytm clarified that the company is not engaged in any discussions regarding such a deal. The filing stated, “…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.”

Earlier on Wednesday, a newspaper, citing unnamed sources, reported that Gautam Adani was looking to buy a stake in One 97 Communications, the parent company of Paytm. The report suggested that Vijay Shekhar Sharma met Gautam Adani at Adani’s office in Ahmedabad on Tuesday to “finalize the contours of a deal.”

According to the news report, Sharma owns about 19 percent of One 97 Communications, valued at Rs 4,218 crore based on the stock’s Tuesday closing price of Rs 342 per share.