Paytm’s parent firm One97 Communications in talks with Yes Bank to pick up stake : Sources

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Vijay Shekhar Sharma-owned company One97 Communications, is reportedly holding discussion to pick up a stake in Yes Bank, reported Yourstory, citing two anonymous sources.

The sources also revealed that both parties are discussing whether Vijay Shekhar Sharma should make a capital infusion in his own personal capacity or let Paytm invest in the bank, along with a consortium of PE investors.

One of the sources said, “Both are in the initial phase of talks and are still figuring out various aspects of the deal.”

One97 Communications is the parent company of India’s biggest digital wallet platform Paytm.

While, according to the guidelines of the Reserve Bank of India (RBI), any acquisition of shareholding or voting rights of five percent or more of the paid-up capital of the bank or total voting rights of the bank would continue to be subject to obtaining prior approval from the apex bank.

Further, One97 Communications consolidated revenues stood at INR 3,579.67 crore in FY19.

Whereas, YES Bank had posted its first-ever quarterly loss at INR 1,506.64 crore on the back of higher provisions in the quarter ended March 2019, compared to a profit of INR 1,179.44 crore in the year-ago period.

Also read: Vijay Shekhar Sharma invests an undisclosed amount in spacetech startup Kawa Space

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