Temasek Holdings sells entire 5.42% stake in Policybazaar parent firm PB Fintech for ₹2,425 crore

Singaporean sovereign wealth fund Temasek Holdings on Thursday sold its entire 5.42 per cent stake in Policybazaar’s parent firm PB Fintech for ₹2,425 crore through open market transactions.

Temasek Holdings’ wholly-owned subsidiary Claymore Investments (Mauritius) Pte Ltd sold the shares of PB Fintech in three tranches on the BSE.

According to the block deal data, Claymore Investments (Mauritius) Pte offloaded a total of 2,44,30,015 shares, representing a 5.42 per cent stake in PB Fintech.

The shares were disposed of at an average price of ₹992.8 apiece, taking the combined deal value to ₹2,425.41 crore.

Meanwhile, US-based financial services company Capital Group, through its various affiliates, acquired the shares of PB Fintech in seven tranches.

The stock of PB Fintech fell 0.59 per cent to close at ₹996.90 apiece on the BSE. PB Fintech was co-founded by Yashish Dahiya and Alok Bansal in 2008. The company operates an online insurance aggregator Policybazaar and credit comparison portal Paisabazaar. The company made its public market debut in November 2021.

In a regulatory filing on Tuesday, PB Fintech Ltd reported a net profit for the first time. It clocked a profit after tax of ₹37.2 crore for the third quarter ended December 31, 2023.

In the corresponding quarter last year, PB Fintech posted a net loss of ₹87.6 crore. Its revenue from operations jumped 42.7 per cent to ₹870.9 crore against ₹610.1 crore in the corresponding period of the preceding fiscal.

Last month, Japanese conglomerate Softbank’s arm Svf Python II (Cayman) divested a 2.5 per cent stake in PB Fintech for ₹914 crore.ema

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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Published: 01 Feb 2024, 09:22 PM IST