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Temasek Holdings sells entire 5.42% stake in Policybazaar parent firm PB Fintech for ₹2,425 crore
Temasek Holdings' subsidiary Claymore Investments sells a total of 2,44,30,015 shares of PB Fintech, representing a 5.42% stake, at an average price of ₹992.8 apiece.
Singaporean investment fund Temasek Holdings offloaded its entire stake in PB Fintech for ₹2,425 crore through open market transactions on Thursday.
The sovereign wealth fund exit Policybazaar's parent firm by selling its 5.42 per cent stake in three tranches on the BSE.
According to the block deal data, Temasek Holdings' wholly-owned subsidiary 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 sold at an average price of ₹992.8 apiece, taking the combined deal value to ₹2,425.41 crore.
PB Fintech reported a net profit of ₹37 crore in the December quarter FY 24 against a net loss of ₹87 crore in the year-ago period on Tuesday, January 30. Its cash position also improved by ₹204 crore annually to ₹5,150 crore.
Meanwhile, the US-based financial services company Capital Group bought shares of PB Fintech in seven tranches through its various affiliates. The PB Fintech stock closed 0.59% to ₹996.90 per share on BSE on Thursday.
In December, Japanese conglomerate Softbank's arm Svf Python II (Cayman) sold a 2.5% in PB Fintech for ₹914 crore.
The fintech firm was co-founded by Yashish Dahiya and Alok Bansal in 2008. Online insurance aggregator Policybazaar and credit comparison portal Paizabazaar are its two major businesses. PB Fintech launched its IPO in Novermber 2021.
The company reported an impressive performance in Q3 FY24 as its profit increased to ₹37 crore. The company's revenue from operations increased by 42.7% YoY to ₹870.9 crore against ₹610.1 crore in the corresponding period of the preceding fiscal.
The core online business of PB Fintech posted impressive growth. Its new protection premiums (health insurance + term insurance) increased by 44% and the core operating revenue rose by 39% YoY to ₹593 crore.
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Business NewsCompaniesNewsTemasek Holdings sells entire 5.42% stake in Policybazaar parent firm PB Fintech for ₹2,425 crore
First Published:1 Feb 2024, 09:22 PM IST
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