Recently, many media reports were claiming that the country’s billionaire Gautam Adani is buying a stake in Paytm. After the arrival of this report, Paytm’s shares saw a rise. On the other hand, if we talk about the financial performance of the company, the company is facing losses. In such a situation, it is being claimed in media reports that Gautam Adani is now going to buy a stake in Paytm.
Paytm said on Gautam Adani’s stake
Paytm has rejected the claims made in a media report which claimed that Adani Group chief Gautam Adani was in talks with Paytm founder Vijay Shankar Sharma to buy a stake in Paytm. The country’s well-known fintech company has termed this news as “fictional”. The company has said that such reports are mere speculation. Paytm said in a notice to the stock markets that the company is not holding any kind of talks in this regard.
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 Tuesday’s closing price of Rs 342 per share of Paytm shares. Sharma has a 9 percent stake in Paytm directly and a 10 percent stake through a foreign firm Resilient Asset Management. According to documents filed by One 97 with the stock exchanges, both Sharma and Resilient are listed as public shareholders. Other important shareholders of One 97 are private equity fund SAIF Partners (15%), Antenna Fin Netherlands founded by Jack Ma (10%) and the company’s directors (9%).
SEBI rules
According to SEBI rules, an acquirer holding less than 25 percent stake in a target company has to make an open offer for a minimum of 26 percent stake in the company. The acquirer can also make an open offer for the entire share capital of the company.
