Vijay Shekhar Sharma is in exploratory talks with potential investors to buy a stake in One97 Communications (OCL), sources told CNBC-TV18 on May 29. Adani Group is among the potential suitors with whom the Paytm founder and CEO has likely engaged with for the stake sale, according to sources.
However, there is no clarity yet on the status of discussions or a possible closure of the deal, sources said, adding that there have been no talks for a stake sale in Paytm Payments Bank directly yet.
They also said that customer deposits in PPBL/wallet are yet to fully transition and that no regulatory action is likely on PPBL until all customer assets are moved out.
Reacting to reports on talks with Sharma for any potential acquisition of a stake in One 97 Communications, Adani Group said, “We categorically deny this baseless speculation. It is totally false and untrue.”
Meanwhile, earlier in the day, reacting to a Times of India report that said Adani is in talks with Sharma to acquire a stake in Paytm, the fintech company issued a clarification to the exchanges stating the news item is “speculative” and that 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,” the exchange filing read.
Sources told CNBC-TV18 that the company’s founder Vijay Shekhar Sharma, who holds a 9.1% stake in OCL directly and another 10.28% via Resilient Asset Management, is likely in talks with the Adani Group.
PE fund Saif Partners, on the other hand, holds 15.41%, Antfin Netherlands holds 9.88% stake and the company's directors hold 9.34% in One97 Communications.
CNBC-TV18 has reached out to Paytm for comments on the development.
Earlier on May 28, Financial Times also reported without mentioning any specific fintech platform, that Adani Group is in talks to expand into ecommerce and payments, according to four people familiar with the matter, as it builds a digital business to compete with the likes of Google and Mukesh Ambani’s Reliance Industries.
Paytm shares opened at 5% upper circuit after sources said Vijay Shekhar Sharma in exploratory talks with potential investors to buy stake in One97 Communications.
However, there is no clarity yet on the status of discussions or a possible closure of the deal, sources said, adding that there have been no talks for a stake sale in Paytm Payments Bank directly yet.
They also said that customer deposits in PPBL/wallet are yet to fully transition and that no regulatory action is likely on PPBL until all customer assets are moved out.
Reacting to reports on talks with Sharma for any potential acquisition of a stake in One 97 Communications, Adani Group said, “We categorically deny this baseless speculation. It is totally false and untrue.”
Meanwhile, earlier in the day, reacting to a Times of India report that said Adani is in talks with Sharma to acquire a stake in Paytm, the fintech company issued a clarification to the exchanges stating the news item is “speculative” and that the “company” is not engaged in any discussions in this regard.
Also Read: Job cuts coming at Paytm? What Vijay Shekhar Sharma told shareholders
“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,” the exchange filing read.
Sources told CNBC-TV18 that the company’s founder Vijay Shekhar Sharma, who holds a 9.1% stake in OCL directly and another 10.28% via Resilient Asset Management, is likely in talks with the Adani Group.
PE fund Saif Partners, on the other hand, holds 15.41%, Antfin Netherlands holds 9.88% stake and the company's directors hold 9.34% in One97 Communications.
CNBC-TV18 has reached out to Paytm for comments on the development.
Earlier on May 28, Financial Times also reported without mentioning any specific fintech platform, that Adani Group is in talks to expand into ecommerce and payments, according to four people familiar with the matter, as it builds a digital business to compete with the likes of Google and Mukesh Ambani’s Reliance Industries.
Paytm shares opened at 5% upper circuit after sources said Vijay Shekhar Sharma in exploratory talks with potential investors to buy stake in One97 Communications.
(Edited by : Kanishka Sarkar)
First Published: May 29, 2024 10:20 AM IST
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