The insurance regulator upgraded the license of the company s wholly-owned subsidiary Policybazaar Insurance Brokers Private Limited to Composite Insurance Broker from Direct Insurance Broker
PB Fintech: The transaction is done at arm’s length basis, PB Fintech said adding that the arm is professionally managed company with no identifiable promoter.
In December 2022, SoftBank had offloaded 5.1 per cent stake in PB Fintech via SVF India Holdings (Cayman) for Rs 1,043 crore. SVF India Holdings (Cayman) had sold 2,28,42,424 shares at an average price of Rs 456.4 apiece.
The Q1FY24 earnings were followed by reports from top brokerages, including one from the Sydney headquartered Macquarie, which foresees an Underperformance in the stock.