Capital Group, through various investment vehicles, now holds around 10% of the company
These transactions took place through multiple bulk deals, as several early-stage investors in the company have fully or partially exited since its public listing in 2021
Back in May, PB Fintech’s chairman and chief executive officer Yashish Dahiya and vice chairman Alok Bansal offloaded more than 83.7 Lakh shares
American financial services major Capital Group, along with asset management companies T. Rowe Price, Fidelity and Vanguard, have reportedly acquired stakes in PB Fintech.
Capital Group, through various investment vehicles, now holds around 10% of the company, ET reported.
These transactions took place through multiple bulk deals, as several early-stage investors in the company have fully or partially exited since its public listing in 2021. The founders have also sold some shares earlier this year.
In addition to global investors, domestic institutional players have also invested in PB Fintech. According to BSE data as of March 2024, mutual funds now hold 10% of PB Fintech, up from 7.4% in June of the previous year. At the time of the IPO, their stake was 2.5%.
Life insurance companies, including SBI Life, Max Life Insurance and Bajaj Life, have collectively invested INR 2,900 Cr in the company.
Back in May, PB Fintech’s chairman and chief executive officer Yashish Dahiya and vice chairman Alok Bansal offloaded more than 83.7 Lakh shares in the company via open market transactions for INR 1,109 Cr.
While Dahiya sold 54 Lakh shares for INR 715 Cr, Bansal offloaded 29.7 Lakh shares for a consideration of INR 393.6 Cr.
The development comes at a time when PB Fintech is witnessing a massive uptick in its share price.Shares of PB Fintech have rallied over 90% year to date. On Monday, shares of PB Fintech surged 10.6% to touch a record high at INR 1,544.15 during the intraday trading.
The fintech major posted a consolidated net profit of INR 60.2 Cr in Q4 FY24 as against a loss of INR 9.3 Cr in the previous year’s quarter. Its operating revenue saw over a 25% rise on a year-on-year (YoY) basis to INR 1,089.6 Cr in the quarter.
Earlier this year, PB Fintech said it plans to incorporate a new wholly-owned subsidiary to enter the payment aggregation business. The new entity, called PB Pay, will “carry on” the business of payment aggregation. PB Fintech said that the new entity will apply for the payment aggregator licence with the Reserve Bank of India (RBI) once it is incorporated.
