Pine Labs shares rise 4% on Mastercard stake sale
after close1 source ↓written by the desknot a recommendation
- on Tuesday
- 4%
- following Mastercard's potential
- ₹201.24
- via a block
- ₹934 crore
- The sale involved
- 4.97 crore shares
- of the company
- 4.3%
Pine Labs shares surged 4% on Tuesday, reaching a high of ₹201.24 following Mastercard's potential exit of ₹934 crore via a block deal. The sale involved 4.97 crore shares, about 4.3% of the company, at a floor price of ₹179.50 each, reflecting a 7.33% discount from the previous close.
Citigroup Global Markets India acted as the placement agent for this transaction, which is set to settle on 23 Sep 2023. This marks a significant shift as Mastercard exits its entire stake in Pine Labs, held since its market debut.
Not investment advice. For informational purposes only.