PB Fintech gains up to 5% as 33 lakh shares changed hands in large deals

Shares of PB Fintech Ltd, which owns policybazaar.com and paisabazaar.com digital platforms, rallied up to 5% on Thursday as more than 33 lakh shares changed hands in large deals worth ₹428 crore.

PB Fintech shares spurted 5.19% to hit a high of ₹1,360.50 apiece on the NSE in early deals. Exchange data showed that more than 39 lakh shares of the company changed hands on the bourse.

Market reports claimed that around 33 lakh shares or 0.73% equity of the company were traded in block deals worth ₹428 crore. The report claimed that the deal was executed at a price of ₹1,297 per share against the previous close of ₹1,293.35 apiece on the NSE.

Stock exchanges will update about the price and buyers and sellers of shares after market hours.

The block large deal follows Tencent Cloud Europe divesting around 55 lakh shares or a 1.2% stake in the company for ₹677 crore last month. Tencent Cloud Europe had a total of 6.26% shareholding in PB Fintech at the end of the March quarter.

Prior to that, PB Fintech Chairman Yashish Dahiya and Vice-Chairman Alok Bansal divested 83.7 lakh shares, representing 1.86% stake in the company, through block deals on May 17. Alok Bansal sold 29.70 lakh equity shares for ₹394 crore while Yashish Dahiya sold 54 lakh shares for ₹715.58 crore. Shares were sold at an average price of ₹1,325.15 per share, according to exchange data.

Previously, notable investors like SoftBank, Temasek Holdings, Tencent, and BNP Paribas have divested their shareholdings in PB Fintech Ltd to gain from a sharp rise in the shares of the Policybazaar parent company.

PB Fintech shares have spurted around 106% in the past year while trading with gains of around 61% since January 1, 2024.

PB Fintech shares were marginally down 0.29% at ₹1,289.65 on NSE at 1:30 pm.

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