Global payments solution major Mastercard on Tuesday exited Pine Labs by selling its entire 4.31 per cent stake in the <a href="https://www.mid-day.com/business/business-news/article/fintech-stocks-gain-paytm-shares-jump-over-7-per-cent-on-upi-merchant-fee-23650281" target="_blank" rel="none noopener">fintech firm</a> for Rs 933 crore through separate block deals on the BSE.
American multinational Mastercard, through its affiliate Mastercard Asia/Pacific Pte Ltd, sold 4,97,24,182 shares in 13 tranches, representing a 4.31 per cent stake in Noida-based Pine Labs, according to exchange data.
The shares were offloaded at an average price of Rs 187.75 apiece, for an aggregate value of Rs 933.57 crore. Meanwhile, a clutch of mutual Funds managed by Kotak Mahindra, Edelweiss and Franklin Templeton, along with ICICI Prudential Life Insurance Company, bought an equal number of shares at the same price.
<a href="https://www.mid-day.com/business/business-news/article/nse-secures-rs-6746-crore-from-anchor-investors-including-lic-goldman-sachs-ahead-of-ipo-23650410" target="_blank" rel="none noopener">Foreign investors include Goldman Sachs</a>, Morgan Stanley, Citigroup Global Markets Singapore, BNP Paribas Arbitrage, Ghisallo Capital Management, Rams Equities Portfolio Fund, Societe Generale, Susquehanna International Group and NRSGVCC.
Shares of Pine Labs rose 2.07 per cent to close at Rs 197.55 apiece on the BSE.
In June this year, financial services company Actis divested a little over 2 per cent stake in Pine Labs for Rs 371 crore.
Prior to this, in the same month, Actis Pine Labs Investment Holdings sold nearly a 1 per cent stake in Pine Labs for Rs 152 crore. Actis is a part of global growth investor General Atlantic.
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Mastercard, through its affiliates sold 4.97 crore shares in 13 tranches or 4.31 per cent stake in Pine Labs

Mastercard exits Pine Labs; sells 4.31 per cent stake for Rs 933 crore

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American multinational Mastercard, through its affiliate Mastercard Asia/Pacific Pte Ltd, sold 4,97,24,182 shares in 13 tranches, representing a 4.31 per cent stake in Noida-based Pine Labs

Mastercard offloads entire 4.31 per cent stake in Pine Labs for Rs 933 crore

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Home / Business / Business News / Article / Mastercard offloads entire 4.31 per cent stake in Pine Labs for Rs 933 crore