North India Statesman
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Since RBI imposed restrictions on Paytm Payments Bank, the condition of its parent company One 97 Communications is not improving. Recently some media reports claimed that Paytm's Vijay Shekhar Sharma is making new plans to handle the company's finances. Now the news is that Adani Group Chairman Gautam Adani is trying to buy a stake in Paytm's parent company One 97 Communications.
A meeting was held in Ahmedabad office to finalize the deal
According to a report, Paytm founder and CEO Vijay Shekhar Sharma visited Gautam Adani's office in Ahmedabad on Tuesday to finalize the deal. If the deal between these two big industrialists is finalized, then this will be Adani Group's entry into the fintech sector from port and airport business. In this sector, he will have to compete with companies like Google Pay, Walmart's PhonePe and Mukesh Ambani's Jio Financial. However, a spokesperson of Adani Group completely rejected the news of Paytm deal.
Sharmaji has a 19 percent stake in One97 Communications
If the Paytm deal is finalised, it will be the biggest deal of the Adani Group after Ambuja Cement and NDTV. Vijay Shekhar Sharma has a stake of about 19 per cent in One97 Communications. According to the closing share price of Rs. 342 on Tuesday, a day earlier, his stake is worth Rs. 4,218 crore. It has a 9 per cent stake in Paytm directly and 10 per cent through foreign company Resilient Asset Management.
Open deal for at least 26% of shares
According to SEBI rules, if a company has less than 25% shares of another company, the buyer must make an open purchase for at least 26% of the target company's shares. If the buyer wants, he can also make an open purchase offer for the shares of the entire company. According to reports, talks have been going on between Gautam Adani and Vijay Shekhar Sharma for some time and on Tuesday, both met at Adani Corporate House in Ahmedabad to finalize the deal.
