New World Fund, Inc. has sold a 2.09% stake in PB Fintech Ltd through open-market transactions on November 12, according to filings made under SEBI’s takeover regulations.
The fund offloaded 92.14 lakh shares, reducing its holding from 5.05% (2.28 crore shares) to 2.96% (1.36 crore shares) in the parent company of Policybazaar and money market. The disposal was executed entirely through open-market trades, the filing showed.
Shares of PB Fintech were trading 0.8% lower at ₹1,720.80 on the NSE as of 1:01 PM on Friday, slipping slightly but remaining well above recent lows.
The stake sale comes as PB Fintech continues to post strong financial performance. On October 29, the company reported a 165% year-on-year jump in Q2 net profit to ₹135 crore.
Revenue from operations climbed 38.2% to ₹1,613 crore, while EBITDA swung to a profit of ₹97.6 crore, compared with a loss of ₹7.8 crore a year earlier.
The total insurance premium grew 40% year-on-year to ₹7,605 crore, led by a 44% rise in online new protection business and a 60% surge in health insurance premiums. Renewal and trail revenue — a key contributor to profitability and cash flow visibility — increased 39% on a 12-month rolling basis to ₹774 crore.
Core insurance revenue rose 36% year-on-year, while the credit business remained soft, declining 22% versus last year but improving 4% sequentially, signalling a slow but stabilising trend.
