Pine Labs stake sale: Actis divests 2.08% for INR 371 crore; Axis Mutual Fund buys 0.84%

Actis sold a little over 2 per cent in Pine Labs for Rs 371 crore. The sale happened through an open market bulk deal on the BSE. Pine Labs is based in Noida and works in fintech. The shares changed hands at an average of Rs 155.17 each. The total value came to Rs 370.99 crore.

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The seller was London-based Actis, through Actis Pine Labs Investment Holdings Ltd. The affiliate offloaded more than 2.39 crore equity shares. This sale represented a 2.08 per cent stake in Pine Labs. Bulk deal data on the BSE carried the transaction details. Pine Labs shares later rose on the exchange.

Actis Pine Labs stake sale details

At the end of the March quarter, Actis Pine Labs Investment Holdings Ltd held 4.58 per cent equity. Actis is part of global growth investor General Atlantic. The latest deal reduced Actis exposure to Pine Labs. The bulk deal filing did not show the purpose of the sale. The trade was executed in the open market.

Axis Mutual Fund Pine Labs shares purchase

Axis Mutual Fund bought 96.15 lakh shares, equal to a 0.84 per cent stake. The fund paid Rs 154 per share, as per the exchange data. The purchase value stood at Rs 148.07 crore. The exchange did not reveal the identities of other buyers in the same Pine Labs trades.

Pine Labs shares on BSE after Actis deal

Pine Labs shares climbed nearly 8 per cent and ended at Rs 161.25 on the BSE. The move came after the bulk deal disclosures. Trading activity followed a similar sale done a week earlier. In that earlier transaction, Actis Pine Labs Investment Holdings Ltd sold nearly a 1 per cent stake. The earlier sale was valued at Rs 152 crore.

With inputs from PTI