Mastercard sold its entire 4.31% stake in Pine Labs through a bulk deal on Tuesday, offloading 4.97 crore shares at ₹187.75 each and raising ₹933.6 crore, according to inc42.com. The sale was executed at a 5% discount to Pine Labs’ closing price that day. This marks Mastercard’s second major stake sale in Pine Labs since the company’s IPO in November 2025.
The bulk deal saw mutual funds and foreign institutional investors as primary buyers. ICICI Prudential Life Insurance Company acquired the largest portion with 93.1 lakh shares. Other significant buyers included Societe Generale with 87.7 lakh shares and Citi Group with 66.7 lakh shares. Additional purchasers included BNP Paribas, Goldman Sachs, Franklin Templeton, Kotak Mahindra Mutual Fund, Morgan Stanley, and Susquehanna Pacific, per BSE data cited by inc42.com.
Mastercard initially invested in Pine Labs in 2020 and had previously sold 59.2 lakh shares during the IPO, generating 1.7 times returns on its initial investment. Several other early institutional investors such as Actis, Invesco, and Madison India have also reduced their holdings since Pine Labs’ listing. Despite the recent stake sale, Pine Labs’ stock has recovered over 25% in the past month, supported by the reintroduction of merchant discount rates on UPI and positive brokerage commentary.
Pine Labs’ shares closed 2.07% higher at ₹197.55 on the day of the sale, while the stock remains down more than 15% year-to-date, according to inc42.com.