PB Fintech, the parent company of PolicyBazaar , saw a jump in its share price after its board of directors approved the incorporation of a subsidiary that would function as a payment aggregator.
The entity decided to name the subsidiary ‘PB Pay Private Limited’.
The subsidiary would conduct its business as a payment aggregator, assisting such merchants through an offline and/or digital infrastructure to accept payments.
The establishment of this subsidiary reflects the parent company’s interest in diversifying its services and capitalizing on the increasing demand for digital payment methods.
A return filed with regulatory officials indicates that the paid-up share capital of the proposed subsidiary would be Rs 27 crores. The incorporation and other procedures would be made possible with regulatory permission.
As of 11:30 a.m., shares of PB Fintech were trading 2.89% higher at ₹1,146.45, reflecting enthusiasm for the firm’s entrance into the payment aggregation sector.
