PB Fintech Ltd (NSE: POLICYBZR) Share Block Deal: The main company PB Fintech, witnessed the closing of a huge block deal just before the market officially opened.
Through this block sale around 80 lakh shares in the firm were disposed of that is around 1.75 percent of the stake.
The speculation is that the share was purchased through the investment company “Tencent Cloud Europe”.
The exact amount of the deal isn’t yet established. After the block deal, the share in PB Fintech increased by over 2 percent in early trading today.
In the early hours of 10:25 AM, the share of the company was trading at 1,762 rupees on NSE a gain in the range of 1.39 percent.
This year, the stock has yielded a staggering gain of 120 percent.
The source mentioned in a report published on the 28th of August that Tencent Cloud Europe has decided to dispose of its 2.1 percent share in PB Fintech.
The share can be sold at an initial price of Rs 1,660.2 for each share. If the shares of 80 lakh will be sold with this rate the deal will be worth approximately Rs 1,328 crore.
After the sale of this stake, the 60-day lock-in period will also commence, during the duration of which Tencent Cloud will not be allowed to sell any more stake in the company.
In the past, Tencent Cloud had also transferred its 1.2 percent stake back in May which they earned the sum of Rs 677 crore.
Based on the most recent shareholding information from PB Fintech Tencent Cloud held a 4.26 percent stake in PB Fintech.
In the present, regarding the business performance and financial performance of PB Fintech.
This business has experienced a remarkable turnaround in the first quarter of June of the current fiscal year.
The company earned its first profit of Rs 60 crore for the current quarter, whereas in the same period the previous year, the business was unable to cover a loss of Rs 11.9 crore.
In addition, the revenue of the company rose by 52 percent, to Rs 1,010.5 crore, which is equivalent to Rs 665.6 crore during the same time in the year before.
Quick Fact
| Company name | PB Fintech |
|---|---|
| Block Deal | 80 lakh shares sold (1.75% stake) |
| Buyer | Tencent Cloud Europe |
| Selling Price | ₹1,660 per share |
| Deal Value | Approx ₹1,328 crore |
| Lock-in Period | 60 days after sale |
| Previous Sale | 1.2% stake sold in May for ₹677 crore |
| Tencent Stake | 4.26% before the current sale |
| Profit | ₹60 crore in Q1 |
| Previous Loss | ₹12 crore in same period last year |
| Revenue Growth | 52% increase to ₹1,010 crore |
Disclaimer: The website and its content are for informational purposes only and should not be considered investment advice.
