Paytm refuted media reports suggesting that Adani Group chairman Gautam Adani is considering acquiring its parent company One 97 Communications. “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,” Paytm said in a regulatory filing.

Earlier, a media report stated that Gautam Adani is likely considering acquiring a stake in One97 Communications. Per the report, Paytm founder and CEO Vijay Shekhar Sharma had visited Adani at his office in Ahmedabad on Tuesday  to “finalise the contours of a deal”. It further stated that Adani was engaging with West Asian funds to attract them as investors in One 97 Communications.

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The payments major further clarified, “We hereby clarify that the abovementioned news item is speculative and the company is not engaged in any discussions in this regard.”

Vijay Shekhar Sharma holds around 19 per cent stake in One97 Communications, with his stake valued at Rs 4,218 crore based on the stock’s closing price of Rs 342 per share on Tuesday. Further, he directly owns 9 per cent of Paytm and another 10 per cent through Resilient Asset Management, a foreign entity. 

One97 Communications has other shareholders including Saif Partners, holding 15 per cent, Antfin Netherlands, founded by Jack Ma, with a 10 per cent stake, and the company’s directors, who collectively own 9 per cent stake.

This comes after the Reserve Bank of India banned Paytm Payments Bank Ltd (PPBL) from several transactions. Earlier this months, One 97 Communications Ltd recorded a net loss of Rs 549.60 crore during the fourth quarter of FY24, posting a 3.2X jump from Q4FY23 when it had posted a loss of Rs 168.40 crore. The company posted revenue from operations at Rs 2267.10 crore, down 2.9 per cent on-year as against Rs 2334.50 crore during the corresponding quarter of previous fiscal year.