Azim Premji's fund sells 46,43,528 shares of multibagger fintech stock; company reports quarterly profit for the first time!

Basking in its financial glory, has surged an impressive 133 per cent in the last year, treating its shareholders to a spectacular multibagger performance.

The financial stage was set, and the spotlight was on as the Interim Budget 2024 took center stage on February 1. The next act, however, was a market extravaganza on February 2, with the Nifty 50 reaching for the stars, hitting an all-time high. Amidst the market commotion, one stock stood out in the limelight – PB Fintech Ltd, the parent company of Policy Bazaar.

Despite the vibrant market atmosphere, PB Fintech's stock closed lower by 1.66 per cent at Rs 981.25. The recent past had witnessed this financial maverick soaring to a fresh 52-week high. Notably, the company had something more up its sleeve – it proudly reported its maiden quarterly profit of Rs 37 crore for Q3FY24, a remarkable turnaround from the loss of Rs 21.1 crore in the preceding September quarter and Rs 87.6 crore in Q3FY23. The applause echoed in the financial corridors, celebrating a robust growth in insurance premium and improved contributing margins.

However, the real plot twist came with a billionaire's cameo. Azim Premji, the magnate behind the curtains, showcased his private equity prowess through Premji Invest. On that Friday, Premji Invest, with the finesse of a maestro, orchestrated a divestment symphony, relinquishing a 1 per cent stake in PB Fintech for a staggering Rs 457 crore. The drama unfolded through PI Opportunities Fund II, an affiliate of Premji Invest, which skillfully offloaded 46,43,528 shares on the BSE.

As the curtains fell on the bulk deal, the data revealed a selling price of Rs 985.07 per share, contributing to the grand transaction value. Post this blockbuster move, PI Opportunities Fund II now holds a diminished stake of 0.93 per cent in PB Fintech, down from the previous 1.93 per cent.

PI Opportunities Fund II, the star performer in Premji Invest's repertoire, is a private equity growth and expansion fund. The stock of PB Fintech, basking in its financial glory, has surged an impressive 133 per cent in the last year, treating its shareholders to a spectacular multibagger performance.

Disclaimer: The article is for informational purposes only and not investment advice.