Saroj Poddar-owned Adventz group not keen on buying minority stake in Paytm

Saroj Poddar-controlled Adventz group on Tuesday said it was approached for buying a minority stake in Paytm, but has decided against it.

"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 PTI on Tuesday.

According to sources, Saroj Poddar's son Akshay Poddar was negotiating the deal.

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Valuation is the key reason for not buying into the leading wallet company, the sources indicated.

According to media reports, industrialists Sunil Munjal and Saroj Poddar were in talks for a secondary deal to buy a minority stake from IDFC Securities analyst Nikhil Vora who holds some 0.35% in One97 Communications, the parent of Paytm.

Paytm last received funding from Taiwan's MediaTek in August.