Temasek Holdings exits PB Fintech, sells entire 5.4% stake for Rs 2,425 cr

Singaporean sovereign wealth fund Temasek Holdings on Thursday sold its entire 5.42 per cent stake in Policybazaar's parent firm PB Fintech for Rs 2,425 crore through open market transactions.

Temasek Holdings' wholly-owned subsidiary Claymore Investments (Mauritius) Pte Ltd sold the shares of PB Fintech in three tranches on the BSE.

According to the block deal data, Claymore Investments (Mauritius) Pte offloaded a total of 2,44,30,015 shares, representing a 5.42 per cent stake in PB Fintech.

The shares were disposed of at an average price of Rs 992.8 apiece, taking the combined deal value to Rs 2,425.41 crore.

Meanwhile, US-based financial services company Capital Group, through its various affiliates, acquired the shares of PB Fintech in seven tranches.

The stock of PB Fintech fell 0.59 per cent to close at Rs 996.90 apiece on the BSE. PB Fintech was co-founded by Yashish Dahiya and Alok Bansal in 2008. The company operates online insurance aggregator Policybazaar and credit comparison portal Paisabazaar. The company made its public market debut in November 2021.

In a regulatory filing on Tuesday, PB Fintech Ltd reported a net profit for the first time. It clocked a profit after tax of Rs 37.2 crore for the third quarter ended December 31, 2023.

In the corresponding quarter last year, PB Fintech posted a net loss of Rs 87.6 crore. Its revenue from operations jumped 42.7 per cent to Rs 870.9 crore against Rs 610.1 crore in the corresponding period of the preceding fiscal.

Last month, Japanese conglomerate Softbank's arm Svf Python II (Cayman) divested a 2.5 per cent stake in PB Fintech for Rs 914 crore.