One 97 Communication Ltd., Paytm‘s parent, has termed the report of “talks of stake sale with billionaire Gautam Adani”, as speculative. The Vijay Shekhar-founded company said it is not engaging in any discussions in this regard.
“We have always made and will continue to make disclosures in compliance with our obligations under SEBI,” it said. The report claimed the Paytm founder and chief executive officer met Gautam Adani in Ahmedabad to finalise the contours of a deal.
It went on to suggest that Adani was in negotiations with West Asian funds to secure their investment in the Paytm operator.
Paytm shares were trading 5 per cent higher at Rs 359.55 on BSE. As per the Times of India report, Gautam Adani was considering buying a stake in Paytm’s parent company.
The report came in the backdrop of mounting losses at Paytm, following the RBI ban on Paytm Payments Bank. The fintech major reported as Rs 549.60 crore loss 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.
