Shares of One 97 Communications Ltd (Paytm) and Zomato Ltd surged up to 4% in Tuesday’s trade after both companies confirmed preliminary discussions regarding Paytm’s movie ticketing business.
Despite this news, both companies clarified that no binding decisions have been made that would require board approval and legal disclosure.
“We acknowledge that we are in discussions with Paytm for the aforementioned transaction. However, no binding decision has been taken at this stage that would warrant a Board approval and subsequent disclosure in accordance with applicable law,” Zomato said in a stock exchange filing.
As of 10:40 AM the shares were trading 0.22% higher at ₹426.00 while Zomato shares were trading 0.32% higher at ₹186.83 on NSE.