The news related to Gautam Adani’s group’s preparation to buy stake in Paytm’s parent company One97 Communication has come after RBI’s action on Paytm Payments Bank Limited (RBI Action On Paytm), which has given a big blow to Paytm.
Gautam Adani, one of the world’s top billionaires, is focusing on expanding his business and now his eyes are on the fintech firm Paytm, which came under the target of the Reserve Bank of India (RBI) recently. There are reports that the Adani Group is considering buying a stake (Adani-Paytm Deal) in Paytm’s parent company One97 Communication and talks are going on in this.
Adani-Paytm founders meet in Ahmedabad!
According to a report published on Business Today, Paytm founder and CEO Vijay Shekhar Sharma met Gautam Adani at his office in Ahmedabad on Tuesday to finalize the outline of this deal. The report said that Adani Group Chairman Gautam Adani is considering buying a stake in Paytm’s parent company. Sources familiar with the matter have been quoted as saying that the Paytm founder has talked to him in this regard.
Discussion after RBI action
This report related to Gautam Adani’s group’s preparation to buy stake in Paytm’s parent company has come after RBI’s action on Paytm Payments Bank Limited (PPBL), which gave a big blow to Paytm and it suffered a huge loss in the last March quarter. The Vijay Shekhar Sharma-led firm reported a loss of Rs 549.60 crore in the March quarter, which was Rs 219.80 crore in the December quarter and Rs 168.90 crore in the same quarter last year.
Preparations for a massive entry in the fintech sector
However, Business Today does not independently confirm this report of Adani-Paytm founder meeting and deal discussions, but if this deal is completed, then Adani Group, which is involved in business from ports to airports, will be helped to enter the fintech sector. It is worth noting that earlier, while expanding its business, Adani Group acquired cement manufacturers ACC Cement and Ambuja Cement and also added media firm NDTV to its portfolio last financial year.
Vijay Shekhar Sharma has 19% stake in Paytm
This fintech firm has been in trouble since the central bank banned Paytm’s banking unit Paytm Payment Banks. During this time, SoftBank has sold its majority stake in Paytm. Apart from this, veteran investor Warren Buffett’s Berkshire Hathaway also reportedly exited Paytm last year. Another report states that Gautam Adani’s group is also in touch with West Asian funds to bring them as investors in Paytm’s parent company One97 Communications. Let us tell you that Vijay Shekhar Sharma has about 19 percent stake in One97 Communications.
The impact can be seen on the stock today
The impact of these news related to Paytm’s deal with billionaire Gautam Adani can also be seen on the company’s shares. On Tuesday, the last trading day, Paytm Share closed at Rs 343 with a decline of 3.84 percent. Its stock has seen a decline of about 10 percent in the last one month and more than 60 percent in the last six months. The company’s shares had fallen badly after RBI’s action. Amidst the decline, Paytm Market Cap has also come down to Rs 21780 crore.
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