Adrian JohnsonTLDR:
- Premji Invest, the private equity fund of billionaire Azim Premji, has divested a 1% stake in PB Fintech for Rs 457 crore through an open market transaction.
- Premji Invest’s affiliate PI Opportunities Fund II sold 46,43,528 shares of PB Fintech on the BSE at an average price of Rs 985.07 apiece.
- After the transaction, PI Opportunities Fund II’s shareholdings in PB Fintech decreased to 0.93%.
Billionaire Azim Premji’s private equity fund Premji Invest has sold a 1% stake in Policybazaar’s parent firm PB Fintech Ltd. for Rs 457 crore ($64 million) through an open market transaction. Premji Invest’s affiliate PI Opportunities Fund II offloaded 46,43,528 shares of PB Fintech on the Bombay Stock Exchange (BSE). The shares were sold at an average price of Rs 985.07 apiece, resulting in a transaction value of Rs 457.42 crore ($64 million).
Following this divestment, PI Opportunities Fund II’s shareholdings in PB Fintech have decreased to 0.93% from 1.93%. The details of the buyers have not been disclosed. Shares of PB Fintech fell 1.41% to close at Rs 982.85 apiece on the BSE.
PB Fintech, co-founded by Yashish Dahiya and Alok Bansal in 2008, operates online insurance aggregator Policybazaar and credit comparison portal Paisabazaar. The company made its stock market debut in November 2021. In the third quarter of this fiscal year, PB Fintech reported a net profit of Rs 37.2 crore ($5.2 million), compared to a net loss of Rs 87.6 crore ($12.3 million) in the same quarter last year. Its revenue from operations also rose by 42.7% to Rs 870.9 crore ($122 million) in the October-December period.
Previously, Singaporean sovereign wealth fund Temasek Holdings sold its entire 5.42% stake in PB Fintech for Rs 2,425 crore ($339 million).
