Temasek Divests Entire Stake in PolicyBazaar’s Parent Firm for US$292M

Singapore’s sovereign wealthiness money Temasek has offloaded its full holdings successful PB Fintech, nan genitor institution down security agent PolicyBazaar and user in installments marketplace PaisaBazaar, according to Mint.

This transaction, completed done a artifact sale, is weighted astatine astir INR 2,425.4 crore (approximately US$ 292.1 million).

Temasek executed nan waste via its finance vehicle, Claymore Investments (Mauritius), divesting 24 cardinal shares astatine a complaint of INR 992.8 per share, arsenic per nan information from nan Bombay Stock Exchange (BSE).

This strategical divestiture from PB Fintech by Temasek follows a inclination of investors capitalising connected their investments successful nan company. Notably, Japanese investor SoftBank exited its finance successful PB Fintech past month, netting US$650 million.

The move by Temasek comes astatine a pivotal infinitesimal for PB Fintech, which precocious celebrated its first profitable quarter, marking a notable turnaround successful its financial performance.

For nan 4th ending 31 December 2023, nan institution reported a nett profit of INR 37.2 crore (US$4.5 million), a important betterment from a nonaccomplishment of INR 87 crore (US$ 10.5 million) successful nan corresponding play nan erstwhile year.

This financial upturn coincided pinch nan company’s stock value surpassing its first nationalist offering (IPO) price.

PB Fintech, since its nationalist debut successful 2021, has established itself arsenic a integer marketplace for security and financial products, raising INR 5,710 crore (US$ 687.6 million) done its IPO, which included income by existing shareholders.

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