Foreign institutional investors, or FIIs for short, are institutional investors who make investments in assets located outside of their home country.
A block deal is a single transaction involving two parties, usually institutional players, and requiring a minimum of 5 lakh shares or Rs. 5 crore in value.
The two FinTech companies listed below are those in which Foreign Institutional Investors (FIIs) sold their stake worth a total of Rs. 1,145.82 crore through open market transactions on Tuesday, according to the bulk deal data available on the NSE.
PB Fintech Limited
With a market capitalisation of Rs. 53,285 crore, the share price of this company operating Policybazaar and Paisabazaar, moved down by nearly 3 percent on BSE to hit an intraday low at Rs. 1,164.4 in the trading session of Wednesday, compared to its previous closing price of Rs. 1,199.85.
The foreign investor Tencent Cloud Europe B.V. sold 55 lakh equity shares in PB Fintech worth Rs. 664.5 crore, at an average price of Rs. 1,208.2 per share, via open market transactions.
As of March 2024, Tencent Cloud Europe B.V. held nearly 2.82 crore equity shares, representing a 6.26 percent stake, in the company.
In terms of financials, the company’s revenue from operations grew by nearly 25.4 percent YoY from Rs. 869 crore in Q4 FY22-23 to Rs. 1,089.6 crore in Q4 FY23-24, accompanied by an increase in net profit from a loss of Rs. 9.34 crore in Q4 FY22-23 to a profit of Rs. 60.2 crore in Q4 FY23-24.
Incorporated in 2008 as ‘Etechaces Marketing and Consulting Private Limited’, PB Fintech is engaged in the business of providing integrated online marketing and IT consulting and support services largely for the financial services industry including insurance.
The company operates Policybazaar, India’s largest digital insurance marketplace and Paisabazaar which provides services related to lending products.
Prudent Corporate Advisory Services Limited
With a market capitalisation of Rs. 6,958 crore, the share price of an independent retail wealth management services group based in India, slumped by 2.6 percent on BSE to hit an intraday low at Rs. 1,614.8 on Wednesday, as against its previous closing price of Rs. 1,658.35.
The foreign investor TA FDI Investors Limited exited the company by selling its entire stake nearly 29.16 lakh equity shares (or 7.04 percent stake) in Prudent Corporate worth Rs. 481.3 crore, at an average price of Rs. 1,650.05 per share, via open market transactions.
However, Canara Robeco Mutual Fund, DSP Mutual Fund, and Kotak Mahindra Mutual Fund bought a total of around 22.05 lakh equity shares in the company, bringing the total deal value to Rs. 363.91 crore, at an average price of Rs. 1,650 apiece.
In terms of financials, the company’s revenue from operations grew by nearly 35.6 percent YoY from Rs. 177 crore in Q4 FY22-23 to Rs. 240 crore in Q4 FY23-24, accompanied by an increase in net profit of 8.2 percent YoY, from Rs. 41.23 crore in Q4 FY22-23 to Rs. 44.6 crore in Q4 FY23-24.
Incorporated in 2003, Prudent Corporate Advisory Services is an independent retail wealth management services group in India and is amongst the top mutual fund distributors in terms of average assets under management (AAUM) and commission received.
The company provides end-to-end solutions critical for financial products distribution to individuals, corporates, high net worth individuals (HNIs), and ultra HNIs in India.
Written by Shivani Singh
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