PolicyBazaar’s promoter PB Fintech on Wednesday said its board has approved the incorporation of a wholly-owned subsidiary for payment aggregator business.
The new subsidiary called PB Pay Private Limited would “carry on the business of payment aggregator – domestic and / or cross border or both, as may be permitted by the Reserve Bank of India, by facilitating merchants with offline and/or digital payment acceptance infrastructure or both,” the company said in a regulatory filing.
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The paid-up share capital of the proposed company would be ₹27 crore, the filing added.
“The proposed company on incorporation will apply to RBI for Payment Aggregator License and conduct the PA business once RBI licence is received,” the filing also said.
On February 1, Singapore-based sovereign wealth fund Temasek Holdings had sold its entire 5.42 per cent stake in PolicyBazaar’s parent firm PB Fintech for ₹2,425 crore through open market transactions.
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Temasek Holdings’ wholly-owned subsidiary Claymore Investments (Mauritius) Pte Ltd sold the shares of PB Fintech in three tranches on the BSE.
Claymore Investments (Mauritius) Pte offloaded a total of 244,30,015 shares, representing a 5.42 per cent stake in PB Fintech.
The shares were disposed of at an average price of ₹992.8 apiece, taking the combined deal value to ₹2,425.41 crore.
Meanwhile, US-based financial services company Capital Group, through its various affiliates, acquired the shares of PB Fintech in seven tranches.
In January, Japanese conglomerate Softbank’s arm Svf Python II (Cayman) divested a 2.5 per cent stake in PB Fintech for ₹914 crore.
For the third quarter ended December 31, 2023, PB Fintech had reported a net profit of ₹37.2 crore against a net loss of ₹87.6 crore.
Its revenue from operations jumped 42.7 per cent to ₹870.9 crore against ₹610.1 crore in the corresponding period of the preceding fiscal.
(With inputs from agencies)
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Published: 20 Mar 2024, 11:07 PM IST