Today's focus is on shares of PB Fintech, which runs the online loan marketplace Paisabazaar and insurance broker Policybazaar. Temasek Holdings, a sovereign wealth fund based in Singapore, sold all 5.42 percent of PB Fintech for Rs 2,425 crore on the open market on Thursday.
In a block transaction on the BSE, Temasek Holdings' fully owned subsidiary Claymore Investments (Mauritius) Pvt Ltd sold the shares of PB Fintech in three tranches. The share price of PB Fintech closed flat on Thursday at Rs 996.90. A total of 245.97 lakh shares were traded on the BSE, translating into a turnover of Rs 2442.21 crore. The company's market value was Rs 44,980 crore.
The large-cap stock is currently trading above the 200-day, 100-day, 20-day, and 5-day moving averages. It increased by 24.53 percent in 2024 and by 148% in a single year. On February 1, 2024, the stock reached a 52-week high of Rs 1050, and on February 1, 2023, it reached a 52-week low of Rs 390.60. Block trade data shows that Claymore Investments (Mauritius) Pte sold 2,44,30,015 shares in total, or 5.42 percent of PB Fintech.
The overall deal value of Rs 2,425.41 crore was achieved when the shares were sold for an average price of Rs 992.8 per share. Conversely, the shares of PB Fintech were acquired by the US-based financial services corporation Capital Group in seven installments through its many affiliates.
PB Fintech concluded the third quarter of 2023 with a profit of Rs 37 crore. Strong rise in insurance premiums and improved contribution margins drove the Q3 results. In the September quarter that had just ended, PB Fintech declared a loss of Rs 21.1 cr. The company declared a loss of Rs 87.6 crore during Q3FY23.
