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What is the story about?
A block deal worth as much as ₹560.3 crore has been launched in Pine Labs, with Alpha Wave Ventures II, LP and Alpha Wave India I LP looking to sell their entire holdings in the fintech company.
The shares on offer represent about 3.2% of Pine Labs' total equity.
The floor price has been set at ₹153.50 a share, a 4% discount to Pine Labs' September 1 closing price of ₹160.40.
Both Alpha Wave entities intend to sell their entire remaining stakes through the transaction.
Another large Pine Labs block deal
The latest transaction comes a few months after another large block deal in Pine Labs.
In May, about 2.47 crore shares, representing 2.2% of the company's outstanding equity, changed hands at an average price of ₹144 apiece. The transaction was valued at about ₹356 crore.
Pine Labs shares closed 2.21% lower at ₹160.40 on September 1.
Profit nearly quadruples in June quarter
The block deal comes after Pine Labs reported stronger profitability for the June quarter.
Consolidated net profit nearly quadrupled to ₹19.6 crore from ₹5 crore a year earlier, while revenue from operations increased 19.6% to ₹737 crore from ₹616 crore.
Earnings before interest, taxes, depreciation and amortisation more than doubled to ₹95 crore from ₹44.6 crore. EBITDA margin widened to 12.9% from 7.2%.
Profit before tax stood at ₹37.7 crore, compared with a loss of ₹4.8 crore a year earlier.
Pine Labs processed gross transaction value of about ₹4.22 lakh crore during the quarter, while its digital checkout-point base grew 18% to 21.7 lakh. More than 70% of transactions on its platform were routed through UPI.
Also Read: Three companies saw deals worth nearly ₹2,000 crore in block deal window; Details here
The shares on offer represent about 3.2% of Pine Labs' total equity.
The floor price has been set at ₹153.50 a share, a 4% discount to Pine Labs' September 1 closing price of ₹160.40.
Both Alpha Wave entities intend to sell their entire remaining stakes through the transaction.
Another large Pine Labs block deal
The latest transaction comes a few months after another large block deal in Pine Labs.
In May, about 2.47 crore shares, representing 2.2% of the company's outstanding equity, changed hands at an average price of ₹144 apiece. The transaction was valued at about ₹356 crore.
Pine Labs shares closed 2.21% lower at ₹160.40 on September 1.
Profit nearly quadruples in June quarter
The block deal comes after Pine Labs reported stronger profitability for the June quarter.
Consolidated net profit nearly quadrupled to ₹19.6 crore from ₹5 crore a year earlier, while revenue from operations increased 19.6% to ₹737 crore from ₹616 crore.
Earnings before interest, taxes, depreciation and amortisation more than doubled to ₹95 crore from ₹44.6 crore. EBITDA margin widened to 12.9% from 7.2%.
Profit before tax stood at ₹37.7 crore, compared with a loss of ₹4.8 crore a year earlier.
Pine Labs processed gross transaction value of about ₹4.22 lakh crore during the quarter, while its digital checkout-point base grew 18% to 21.7 lakh. More than 70% of transactions on its platform were routed through UPI.
Also Read: Three companies saw deals worth nearly ₹2,000 crore in block deal window; Details here
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