PB Fintech invests Rs 1 Cr in wholly owned subsidiary PBFAA
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On the reaction day the stock moved 6.9 pts less than Nifty Midcap 150 and 6.5 pts less than its Financial Technology (Fintech) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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PB Fintech has invested Rs 1 crore in its wholly owned subsidiary PB Financial Account Aggregators Private Limited (PBFAA), an NBFC Account Aggregator. The investment is for 10 lakh equity shares at Rs 10 face value each. PBFAA has not yet started commercial operations. The capital infusion will help meet operating expenses and RBI capital adequacy and net worth requirements for Account Aggregators. PB Fintech already holds 100 percent in PBFAA, so ownership does not change. The transaction is a related party deal done at arm's length. Only a post-facto intimation to RBI is needed.
Minor capital infusion into existing wholly owned subsidiary. No ownership change. Neutral to slightly positive for strengthening subsidiary's balance sheet.