PB Fintech to buy up to 30% stake in healthcare venture
Business Business: PB Fintech Group Chairman and CEO Yashish Dey highlighted the company’s investment plans in the healthcare sector. Dahiya told CNBC-TV18 in an interview that the company plans to make a one-time investment of up to $100 million for a 20 to 30 per cent stake and will not provide an additional revolving fund. The announcement resulted in a 3.5 per cent rise in the company’s share price. “This will be a one-time investment,” he told the news channel. We do not intend to invest in this healthcare company on a regular basis.”
Dahiya said he plans to acquire 20 to 30 per cent stake in the company, which would represent an investment of up to $100 million, subject to board approval. The stock was trading at Rs 1,700 in morning trade, up 3.5 per cent from its previous close. The positive move comes after PB shares of the healthcare fintech company declined 15 per cent in the last five trading sessions, Dahiya said. “A middle-class person cannot buy a bed for ₹78,000. We want to bridge the trust gap between hospitals and insurance companies,” he said.
The new medical facility is expected to generate its own resources for growth and may attract investments from private equity firms and other financial institutions, he added. The clarification comes after comments made by PB Fintech co-founder and executive vice-chairman Alok Bansal last week. Bansal had also flagged the company’s entry into the healthcare sector. The efforts were described as important for the middle class and in line with the company’s broader goals of financial inclusion.
