US-based venture capital firm Altimeter Capital sold 1.56 crore shares in fintech company Pine Labs in a block deal worth ₹211.08 crore, according to BSE data cited by inc42.com. The shares were sold at ₹135.21 apiece, about 7% below the stock’s closing price on the day of the transaction.
The sale was executed through Altimeter Growth Partners Fun III LP, Altimeter Capital’s holding entity. SBI Mutual Fund and Nippon India Mutual Fund purchased the shares, with SBI acquiring 1.32 crore shares worth ₹177.79 crore and Nippon India buying 70 lakh shares for ₹94.50 crore. This transaction follows a similar block deal last week when Madison India Capital sold 2.48 crore shares in Pine Labs for ₹356.86 crore to various mutual funds and institutional investors.
Altimeter Capital, an early investor in Pine Labs since its $82 million funding round in 2018, held a 1.39% stake at the end of the March quarter, which has now fallen below 1% after this sale. The sell-off occurred amid bearish momentum in Pine Labs’ stock, which hit an intraday low of ₹134.75 before closing at ₹145.80, up 5.92% from the previous day.
This partial exit by Altimeter Capital highlights ongoing portfolio adjustments by early backers amid fluctuating market sentiment for Pine Labs. The company continues to attract institutional interest despite stock volatility. Market watchers will likely monitor Pine Labs’ stock performance and investor activity closely in the near term.