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Billionaire Sunil Mittal seeks stake in Paytm; may fold Airtel Payments Bank into Paytm Payments Bank in stock deal – Report

international media news
February 26, 2023 18 Views0

Billionaire Sunil Mittal has sought a stake in Paytm. According to agency reports, Sunil Mittal has sought to fold Airtel Payments Bank into Paytm Payments Bank in stock deal. It is learnt that the telecom tycoon and founder of Bharati Airtel is eyeing Paytm stocks owned by other shareholders in the market – Bloomberg reported citing sources.

“We remain fully focused on our strong organic growth journey and are not involved in any such discussions,” a Paytm representative was quoted as saying by Bloomberg.

According to reports, talks between Bharati Airtel and Paytm are in early stages. Meanwhile, shares of One 97 Communications Ltd (Paytm) have traded almost 40 per cent from their record lows in November last year. On Friday, the stock closed at Rs 623.50 apiece.

In the Q3 FY 2023 results of Paytm, EBITDA before ESOP improved by Rs 424 crore YoY to Rs 31 crore. The company’s revenue from operations increased to Rs 2,062 crore – a growth of 42 per cent YoY and 8 per cent QoQ. The company attributed the growth to increased consumers and subscription services by merchant partner along with a growth in the loan distribution and commerce business.
Paytm’s revenue from financial services now accounts to 22 per cent of total revenue. This is higher by 9 per cent as against the corresponding quarter in FY 2022.

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