A notable deal has gone through in Noida-based fintech company Pine Labs. London-based global investor Actis has sold a little over 2 per cent of its holding in the company, raising Rs 371 crore in the process. The entire transaction took place through an open market bulk deal on the BSE.
The shares changed hands at an average price of Rs 155.17 each, taking the total value of the sale to Rs 370.99 crore. Actis carried out the sale through its arm, Actis Pine Labs Investment Holdings Ltd.
How Many Shares Were Sold
The affiliate offloaded more than 2.39 crore equity shares, equal to a 2.08 per cent stake in Pine Labs. The details of the transaction were recorded in the bulk deal data on the BSE. Pine Labs shares later rose on the exchange.
At the end of the March quarter, Actis Pine Labs Investment Holdings Ltd held 4.58 per cent equity in the company. Actis is part of global growth investor General Atlantic. The latest deal has reduced Actis's exposure to Pine Labs. The bulk deal filing did not state the purpose of the sale, which was executed in the open market.
Axis Mutual Fund Steps In
On the other side of the trade, Axis Mutual Fund did the buying. The fund picked up 96.15 lakh shares, equal to a 0.84 per cent stake. According to exchange data, it paid Rs 154 for each share, putting the purchase value at Rs 148.07 crore. The exchange did not reveal the identities of the other buyers involved in the same Pine Labs trades.
Shares Jump Nearly 8 Per Cent
The stock rallied sharply once the bulk deal disclosures came out. On the BSE, Pine Labs shares climbed nearly 8 per cent to close at Rs 161.25. The surge followed the disclosure of these trades.
This activity came on the heels of a similar sale carried out just a week earlier. In that earlier transaction, Actis Pine Labs Investment Holdings Ltd had sold nearly a 1 per cent stake. That sale was valued at Rs 152 crore.
