PB Fintech share price plunged more than 8% on Friday, 3 July, after a block deal worth around ₹1,741 crore saw 2.37% of the company’s equity change hands. The transaction follows reports that Singapore’s sovereign wealth fund Temasek Holdings was planning to reduce its stake in the online insurance aggregator.
According to reports, nearly 1.08 crore shares were traded at ₹1,601 apiece through a block deal, representing a 4.8% discount to Thursday’s closing price of ₹1,682.10. The identities of the buyer and seller were not disclosed on the exchanges.
The deal closely aligns with media reports that Temasek Holdings, through its subsidiary Macritchie Investments Pte Ltd, intended to sell up to 1.19 crore shares, or around 2.6% stake in PB Fintech, via a block deal valued at approximately ₹1,909 crore.
Prior to the transaction, Macritchie Investments held a 6.47% stake in PB Fintech. Reports indicated that Citigroup Global Markets India was acting as the sole placement agent for the sale, while Temasek would remain subject to a 60-day lock-up on its remaining stake.
PB Fintech has witnessed a series of high-profile stake sales in recent months. In May, co-founders Yashish Dahiya and Alok Bansal sold around 38 lakh shares, equivalent to 0.8% stake, through a ₹654 crore block deal. During the same month, Tencent exited its remaining 1.05% stake in the company through a separate ₹805 crore block transaction, according to media reports.
(more to come)