Hedge Fund Raises Shareholding in PB Fintech, Adds 1.5% Stake For Rs 271 Crore

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Hedge Fund Raises Shareholding in PB Fintech, Adds 1.5% Stake For Rs 271 Crore

By Malvika Gurung

Investing.com -- The hedge fund WF Asian Smaller Companies Fund has increased its shareholding in the online insurance company PB Fintech (NS: PBFI ) by acquiring an additional 1.5% stake in it.

The hedge fund managed by Ward Ferry Management based in Hong Kong bought a total of 67,75,073 equity shares of the parent company of Policybazaar and Paisabazaar for an estimated amount of Rs 271 crore through open market transactions on Thursday.

This translates to the fund picking an additional 1.5% stake in PB Fintech.

According to bulk deals data, WF Asian Smaller Companies Fund purchased 34.21 lakh equity shares of the insurer on the NSE and 33.53 lakh shares on the BSE at an average price of Rs 400 apiece.

As of September 30, 2022, the hedge fund held a 1.32% stake or 59.13 lakh shares of PB Fintech.

Last week, WF Asian Reconnaissance Fund bought 50 lakh shares of the company at Rs 388 apiece, as per NSE data.

Shares of PB Fintech gained 2.3% to Rs 441.6 apiece at 10 am on Friday.

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