Shares of PB Fintech, the parent company of Policybazaar, dropped more than 8% in early trading following a block deal worth approximately ₹1,741 crore that transferred nearly 2.37% of the company’s equity. The stock hit an intraday low of ₹1,544.45 on the BSE before recovering slightly to trade around 6% lower at ₹1,575, reducing the company’s market capitalization to ₹72,745 crore ($8.6 billion), according to inc42.com.
The decline followed reports that Singapore’s sovereign wealth fund Temasek Holdings planned to reduce its stake in PB Fintech through a block deal. Temasek’s subsidiary, Macritchie Investments Pte, offered up to 1.19 crore shares, or about 2.6% of the company, at a floor price of ₹1,604 per share, representing a 4.6% discount to the previous closing price on NSE. Prior to the sale, Macritchie held a 6.47% stake, which is expected to fall to roughly 3.8% post-transaction, subject to a 60-day lock-up period, inc42.com reported.
This transaction is part of ongoing changes in PB Fintech’s shareholder base. In May, cofounders Yashish Dahiya and Alok Bansal sold about 38 lakh shares worth ₹665 crore, representing roughly 0.8% stake. Additionally, Chinese tech giant Tencent exited its remaining 1.05% stake via a separate ₹805 crore deal during the same month. Temasek’s stake reduction adds to the recent trend of major shareholders trimming their holdings in the insurtech company, according to inc42.com.
Following the block deal, PB Fintech’s shares stabilized around ₹1,575, with the company’s market capitalization standing at ₹72,745 crore ($8.6 billion). Temasek’s remaining stake of about 3.8% will be subject to a 60-day lock-up period, as per inc42.com.