PB Fintech Soars 7% to 52-Week High After Subsidiary Announcement

10 Apr 2024 , 01:06 PM

PB Fintech’s stock price surged over 7% to hit a 52-week high in Wednesday’s trading session after the company announced the incorporation of its wholly-owned subsidiary, PB Pay Private Limited, on April 9.

The opening price of PB Fintech shares today stood at ₹1,350.50 on the BSE, with the stock reaching an intraday high of ₹1,400 and an intraday low of ₹1,340.95.  At the time of writing, the stock was trading at ₹1353.85 which is a 3.90% gain than the previous close.

According to an exchange filing, PB Fintech received a Certificate of Incorporation from the Registrar of Companies, Central Registration Center, Ministry of Corporate Affairs, on April 9, 2024, for its subsidiary PB Pay Private Limited. This move aligns with Regulation 30 of the SEBI Listing Regulations and follows their earlier communication dated March 20, 2024.  

The promoters of Policy Bazaar, PB Fintech, had previously announced on March 20 their board’s approval to establish a wholly-owned subsidiary for payment aggregation operations.  

As per the regulatory filing on March 20, the subsidiary named ‘PB Pay Private Limited’ will operate in the payment aggregator business, subject to approval by the Reserve Bank of India. It aims to provide merchants with offline and/or digital payment acceptance infrastructure.  

The planned business will have a paid-up share capital of ₹27 crore, as per the regulatory filing.  

PB Fintech’s stock price has witnessed a remarkable rise of 132.55% in the past year, outperforming its sector by 85.28%, according to trendlyne data. The company specializes in providing information technology consulting and support services, primarily focusing on the financial services sector, particularly insurance. It operates as an integrated internet marketing and consulting firm.

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