In the midst of swirling rumors, Paytm has officially refuted claims that it is in discussions with the Adani Group regarding the sale of a stake in the company. This response comes after media reports suggested a potential deal was being finalized.
Paytm’s Official Statement
On Wednesday, One97 Communications Ltd, the parent company of Paytm, issued a statement firmly denying any such negotiations. The company stated, “We hereby clarify that the above-mentioned news item is speculative and the company is not engaged in any discussions in this regard.”
Paytm emphasized its commitment to transparency and regulatory compliance, ensuring that any material developments will be disclosed in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Rumor Mill
Media reports had claimed that Paytm founder and CEO Vijay Shekhar Sharma recently met with billionaire Gautam Adani at his Ahmedabad office to discuss a potential deal. This alleged deal would have marked Adani Group’s entry into the competitive fintech sector, positioning it against giants like Google Pay and PhonePe.
Current Shareholding
Currently, Vijay Shekhar Sharma holds a 19% stake in One97 Communications. Other significant shareholders include Saif Partners, a private equity fund, and Antfin Netherlands.
Recent Challenges
Paytm has faced challenges since January when the Reserve Bank of India (RBI) put a hold on Paytm Payments Bank Ltd (PPBL) from conducting business. This regulatory setback has added to the company’s hurdles as it navigates the dynamic fintech landscape.
Conclusion
For now, it appears that the speculation around Paytm selling a stake to the Adani Group is unfounded. Paytm continues to operate independently, with no current plans for such a sale. Stay tuned for any further updates directly from the company as they remain committed to maintaining open and transparent communication.