WF Asian Smaller Companies Fund buys PB Fintech's shares worth Rs 271 cr

WF Asian Smaller Companies Fund on Thursday bought over 67 lakh shares of Policybazaar's parent firm PB Fintech for an estimated Rs 271 crore through open market transaction.

PB Fintech operates online insurance platform Policybazaar and credit comparison portal Paisabazaar. WF Asian Smaller Companies Fund is a hedge fund managed by Hong-Kong-based Ward Ferry Management.

WF Asian Smaller Companies Fund acquired a total of 67,75,073 shares, amounting to 1.5 per cent stake in the company, according to the bulk deal data available with the stock exchanges.

The shares were bought at an average price of Rs 400 apiece for a total of Rs 271 crore.

As of quarter ended September, WF Asian Smaller Companies Fund owned 1.32 per cent stake in the company, shareholding data showed with the bourses.

Last week, WF Asian Reconnaissance Fund purchased 50 lakh shares of the company.

On Thursday, shares of PB Fintech closed 10.06 per cent higher at Rs 440.70 apiece on NSE and Rs 432.20 per scrip on BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)