Singapore’s sovereign wealth fund, Temasek, divested its entire 5.42% stake in PB Fintech, the holding company of PolicyBazaar, through open market transactions Thursday.
According to BSE block deals data, Claymore Investments (Mauritius), a Temasek entity, sold 24.4 million shares of PB Fintech at Rs 992.8 apiece, valuing the transaction at Rs 2,425 crore.
The US-based Capital Group acquired the complete stake across various funds.
Shares of PB Fintech, which rallied 42% in the past three months, ended marginally lower at Rs 997.80 on Thursday.
In 2015, Temasek had invested Rs 134 crore in the parent company of Policybazaar in a secondary-market transaction, buying the shares in the insurtech company from its earliest investor Info Edge India Ltd.
On Wednesday, PB Fintech posted its maiden quarterly profit for the October-December period. Co-founder and chairman Yashish Dahiya told ET after the earnings that the company was looking to return a part of its capital to shareholders either through a share buyback or dividend payments. PB Fintech’s first ever net profit was Rs 37.2 crore for the three months to December.
Following through on the guidance provided in the previous quarters, the company also reported profits of Rs 4.2 crore for the first nine months of FY24.
The firm’s revenue from operations expanded 43% on year to Rs 871 crore in the third quarter. Its core online marketplaces, Policybazaar and Paisabazaar, reported a 39% increase in combined revenue at Rs 593 crore.
Source: Economic Times