Adani Paytm News- Discussions have been going on between Gautam Adani and Sharma for some time now. Adani Group is also in talks with funds from West Asia to bring them as investors in One 97.
Adani Paytm News- Adani Group is making every effort to buy a stake in Paytm’s parent company, One 97 Communications. There are also reports of a meeting between Adani Group Chairman Gautam Adani and Paytm founder CEO Vijay Shekhar Sharma. Sources say that this meeting took place in Ahmedabad, in which important talks took place to finalize the deal. If Adani Group succeeds in buying a stake in Paytm, then the group will be seen competing with Google Pay and PhonePe in the fintech sector.
Sources said that discussions have been going on between Adani and Sharma for some time now. Adani Group is also in talks with funds from West Asia to bring them as investors in One 97, which has played a leading role in mobile payments in the country. One 97, founded by Sharma in 2007, had the second largest IPO in the country.
This will be a hot deal after NDTV
It is worth noting that Paytm has been in trouble ever since the Reserve Bank of India banned Paytm Payments Bank. At the same time, if the Paytm deal is successful, then this will be an important purchase by Adani Group after Ambuja Cements and NDTV. The purchase of NDTV was much talked about.
Who has how much stake in Paytm
Vijay Shekhar Sharma has 19 percent stake in One 97, which is worth Rs 4,218 crore as per the closing price of Rs 342 per share of Paytm shares on Tuesday. Sharma holds a 9 per cent stake in Paytm directly and a 10 per cent stake through a foreign firm Resilient Asset Management. Both Sharma and Resilient are listed as public shareholders, according to documents filed by One97 with the stock exchanges. Other significant shareholders of One97 are private equity fund SAIF Partners (15%), Antenna Fin Netherlands founded by Jack Ma (10%) and the company’s directors (9%).
According to SEBI rules, an acquirer holding less than 25 per cent stake in a target company has to make an open offer for a minimum of 26 per cent stake in the company. The acquirer can also make an open offer for the entire share capital of the company.
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