Adani Group rubbishes media reports of buying stake in Paytm, calls it 'totally false and untrue'

By Vinaykumar Patil | First Published May 29, 2024, 10:31 AM IST

"We categorically deny this baseless speculation. It is totally false and untrue," a spokesperson of Adani Group told news agency ANI following reports of potential stake acquisition in Paytm.

Recent media speculation regarding a potential stake acquisition by the Adani Group in Paytm, a leading fintech company, has been met with denials from both parties involved. Following a clarification issued by Paytm disputing the reports, the Adani Group has firmly refuted any such discussions, terming the rumors as "false and untrue."

A spokesperson for the Adani Group stated to news agency ANI, "We categorically deny this baseless speculation. It is totally false and untrue."

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This clear denial comes in response to initial reports suggesting talks between Adani Group Chairman Gautam Adani and Paytm founder Vijay Shankar Sharma regarding a stake purchase in the company.

In its response, Paytm informed stock exchanges through a filing, asserting that it is not engaged in any discussions regarding a potential stake sale.

"...We hereby clarify that the above-mentioned news item is speculative and the Company is not engaged in any discussions in this regard," the filing read.

"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," it added.

The origin of the speculation traces back to a newspaper report citing unnamed sources, which claimed that Gautam Adani was exploring the possibility of acquiring a stake in One 97 Communications, the parent company of Paytm. The report further alleged that Vijay Shekhar Sharma, the founder and CEO of Paytm, met with Gautam Adani at the latter's office in Ahmedabad to "finalize the contours of a deal."

However, both companies have vehemently denied these claims, dismissing them as speculative, baseless, and untrue. The refutations from both Paytm and the Adani Group highlight the importance of accurate reporting and transparency in financial matters.

According to the initial news report, Vijay Shekhar Sharma holds approximately 19 percent of One 97 Communications, valued at Rs 4,218 crore based on the stock's closing price on Tuesday. Despite the market speculation, both companies have emphasized their focus on adhering to regulatory standards and maintaining integrity in their business dealings.

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