PB Fintech share price jumps 7% to touch 52-week high on incorporation of subsidiary PB Pay
PB Fintech share price jumped over 7% to touch a 52-week high on Wednesday's trading session following the company's announcement on April 9 that it had incorporated its wholly-owned subsidiary PB Pay Private Limited. PB Fintech share price today opened at ₹1,350.50 apiece on BSE.
The stock touched an intraday high of ₹1,400 and an intraday low of ₹1,340.95. The company announced in an exchange filing that it has incorporated a wholly-owned subsidiary called "PB Pay Private Limited" through a Certificate of Incorporation issued by the Registrar of Companies, Central Registration Center, Ministry of Corporate Affairs dated April 09, 2024.
This is in accordance with Regulation 30 read with Schedule III of the SEBI Listing Regulations, and it builds upon their earlier communication dated March 20, 2024. Promoters of Policy Bazaar, PB Fintech, announced on March 20 that their board had approved the setting up of a wholly-owned subsidiary to conduct payment aggregation operations.
As per the company's regulatory filing on March 20, the subsidiary named 'PB Pay Private Limited' would engage in the payment aggregator business, either domestically or internationally, or both, if approved by the Reserve Bank of India. It will achieve this by providing merchants with offline and/or digital payment acceptance infrastructure, or both.
It also said that the planned business will have a paid-up share capital of ₹27 crore. (more to come) Milestone Alert!
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