Premji Invest Sells 1% Stake in PB Fintech for ₹457 Crore; Stake Now at 0.93%

5 Feb 2024 , 10:38 AM

Azim Premji’s private equity fund, Premji Invest, divested a 1% stake in PB Fintech, the parent company of Policybazaar, for  ₹457 crore in an open market transaction.

The sale was executed through Premji Invest’s affiliate, PI Opportunities Fund II, on the BSE. In the bulk deal, PI Opportunities Fund II sold 46,43,528 shares at an average price of ₹985.07 per share, totaling ₹457.42 crore.

Following this transaction, PI Opportunities Fund II’s stake in PB Fintech decreased from 1.93% to 0.93%. Details about the buyers of the divested shares were not disclosed.

PB Fintech, the parent company of Policybazaar and Paisabazaar, had its stock market debut in November 2021. Singaporean sovereign wealth fund Temasek Holdings sold its entire 5.42% stake in PB Fintech for ₹2,425 crore on Thursday.

In the third quarter of the fiscal year, PB Fintech reported a net profit of ₹37.2 crore, a significant turnaround from a net loss of ₹87.6 crore in the same period the previous year.

The company’s revenue from operations surged by 42.7% to ₹870.9 crore in the October-December quarter compared to ₹610.1 crore in the corresponding period of the previous fiscal year.

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