Alpha Wave Ventures II sold 3.54 crore shares of fintech firm Pine Labs in a block deal worth ₹550 crore on the NSE, according to inc42.com. The shares were offloaded at an average price of ₹155.10 each, representing a 4.4% discount to Pine Labs’ closing price on the day. This sale reduced Alpha Wave’s stake in Pine Labs by nearly 3.1%, leaving it with just 4.9 lakh shares.
The transaction saw ICICI Prudential Life Insurance acquiring over 1 crore shares, the largest buyer in the deal. Other buyers included Societe Generale with 45.3 lakh shares and Goldman Sachs with 41.6 lakh shares. Domestic mutual funds such as JM Financial and Edelweiss also purchased stakes in Pine Labs. Alpha Wave had held 3.59 crore shares of Pine Labs at the end of the June quarter before this sale.
This sale is part of a broader selling spree by Alpha Wave Ventures II, which recently offloaded shares in other companies. Last week, it sold 2.94 crore shares of Lenskart for ₹1,856.8 crore and exited its entire 7.78% stake in NBFC Aye Finance for ₹322.6 crore. Earlier in June, it sold nearly 2% stake in Delhivery for around ₹665 crore. Pine Labs itself has experienced significant block deal activity this year, including a ₹522.6 crore stake sale by private equity firm Actis.
Post-transaction, Alpha Wave’s holding in Pine Labs stands at 4.9 lakh shares. The deal reflects ongoing portfolio adjustments by Alpha Wave Ventures II amid active secondary market transactions involving Pine Labs and other portfolio companies.