PB Fintech invests Rs900 crore in two wholly-owned subsidiaries; stock slips ~1%

22 Sep 2022 , 12:29 PM

PB Fintech Limited informed that it has made investments in Policybazaar Insurance Brokers Private Limited, and Paisabazaar Marketing and Consulting Private Limited, the company’s wholly-owned subsidiaries.

The company has invested Rs650 crore in Policybazaar Insurance Brokers, and Rs250 crore in Paisabazaar Marketing.

The current investment, as part of the firm’s investments, allows the company to boost the financial health of indicated wholly-owned subsidiaries in order to meet its general operating expenditures while also improving brand recognition, office presence, and strategic initiatives.

The company has acquired 1,07,97,392 shares in Policybazaar at a price of Rs10 each at a premium of Rs592 per share.

While the company acquired 57,47,126 equity shares of Rs10 each at a premium of Rs425 per share.

PB Fintech was trading at Rs506.45 per piece, down by 0.63% from its previous closing of Rs509.65 on the BSE. The scrip touched intraday high and low of Rs520 and Rs505.80 respectively.

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