Adventz Group Declined To Acquire Paytm stake, Sunil Munjal Still in Race
Saroj Poddar-controlled Adventz group today said it was approached for buying a minority stake in Paytm, but has decided against it.
If the deal were successfully performed then it will reportedly value the Vijay Shekhar Sharma-led firm at about USD 5-5.6 billion, an increase from USD 4.8 billion valuations in August 2016.
"We were approached by a few merchant bankers for a minority stake in Paytm. But we have decided not to go ahead with it," a top official of the group told Pixr8 today.
According to sources, Saroj Poddars son Akshay Poddar was negotiating the deal.
Valuation is the key reason for not buying into the leading wallet company, the sources indicated. The deal was offered Rs 50 crore worth secondary stock at Rs 8,000 per share.
According to media reports, indust...