PB Fintech plans investment of Rs 350 crore in PolicyBazaar

28 Nov 2023 , 02:32 PM

PB Fintech plans to infuse Rs 350 crore in its subsidiary PolicyBazaar. Insurance brokers of the wholly-owned subsidiary PB Fintech Ltd, would sell around 58 lakh shares to the business in consideration for the investment, according to an exchange filing.

PB Fintech will inject the capital in one or more tranches between 2023 and 2024. The company has invested Rs 349,99,99,904 against which 58,04,311 equity shares of Rs 10 each at a premium of Rs 593 per share of Policy Bazaar have been allotted, the company’s statement read.

The current investment enables the business to strengthen the financial health of its wholly owned subsidiary in order to meet general operating expenses and enhance brand awareness, office presence, and strategic initiatives, PB Fintech told the bourses.

Policy Bazaar’s parent business recorded a combined net loss of Rs 21 crore for the quarter ending September. It was 89% less than the Rs 187-crore loss recorded the previous year. However, the company’s net loss increased by 75% year-on-year, from Rs 12 crore in the June quarter.

At around 2.29 PM, PB Fintech was trading 0.69% lower at Rs 817.70, against the previous close of Rs 823.35 on NSE.

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