PB Fintech shares jump over 3% after Rs 1,610 crore block deal
PB Fintech, the parent company of Policybazaar, on Thursday, jumped 3.5% on BSE to its day’s high of Rs 1,796.55 after the company witnessed a likely stake sale of 2.1% equity at an estimated price of Rs 1,610 crore via a block deal.
Reportedly, the seller in the transaction is Chinese multinational technology conglomerate Tencent. However, the official parties to the transaction are not currently known yet.
The floor price for the issue was expected at Rs 1,660.2 per share, which is a discount of 4.4% over Wednesday’s closing price of Rs 1737.10.
ET Now reported that, as of June 30, 2024, Tencent owned a 4.6% stake in the parent company of Policybazaar, equating to more than 1.94 crore shares, through Tencent Cloud Europe B.V.
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The multibagger stock has delivered 131.5% returns over the past one-year period while its returns in 2024 so far have been to the tune of 120%. This is a significant outperformance over Nifty, which has yielded 30% in the last one year while returning 15% on a year-to-date basis.
The company reported a consolidated net profit of Rs 60 crore for the quarter that ended June 30, 2024, against a loss of Rs 12 crore reported in the year-ago period. The revenue grew 52% YoY to Rs 1,010 crore.
Policybazaar has a 93% market share among online aggregators and the insurance arm has issued 44.3 million insurance policies to date. The total transacting consumers stand at 17.4 million
