Co-Founders of PB Fintech Sell 1% Stake for Rs 665 Crore

PB Fintech's co-founders have sold almost 1% of their stake, raising approximately Rs 665 crore. The sale transacted on the open market was picked up by major global financial players including Goldman Sachs, Societe Generale, and Morgan Stanley who acquired 38 lakh equity shares.

Domestic investors such as Tata Mutual Fund, Kotak Securities, and NPS Trust also participated, purchasing at an average price of Rs 1,751 each. Following this transaction, the co-founders' ownership has decreased from 5.02% to 4.2%. After the transaction, PB Fintech shares dropped by 3.85% on the National Stock Exchange.

This move follows previous share disposals by the co-founders, continuing a trend of stake reduction since the company's November 2021 IPO. The company recently reported a significant rise in its quarterly financial performance, while its revenue and profit figures have seen substantial year-on-year growth.

(With inputs from agencies.)