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PolicyBazaar parent PB Fintech‘s shares fell nearly 3% in late morning trading on Friday following news of Singapore sovereign wealth fund Temasek selling its entire stake in the company.

Temasek Holdings’ unit Claymore Investments (Mauritius) Pte Ltd offloaded a total of 2.44 crore shares in PB Fintech, accounting for 5.42% of the company, over two tranches, as per a Bombay Stock Exchange filing late last night.

The sale happened at Rs 992.8 per share, translating into a deal value of Rs 2,425.41 crore.

PB Fintech’s shares were last trading at Rs 974.35. Its stock has risen 2.5X over the last 12 months, as of close on February 1, 2024.

In a recent regulatory filing, the company reported its first-ever quarterly after-tax profit of Rs 37 crore in the third quarter of the financial year 2024, from a Rs 87 crore loss in the corresponding period last year.

Its operating revenue rose 42.6% to Rs 870 crore between October and December 2023, up from Rs 610 crore in Q3 FY23, while expenses rose 20% to Rs 925 crore in the quarter.

Founded in 2008 by Yashish Dahiya and Alok Bansal, PB Fintech, also known as PolicyBazaar, operates an online platform for insurance and lending products in India and internationally. It provides access to insurance, lending products, and support services through its online financial services platform.