Alpha Wave nears complete exit from Pine Labs with Rs 550 crore share sale

Global investment firm Alpha Wave has significantly reduced its holding in fintech major Pine Labs after offloading shares worth approximately Rs 550 crore through a block deal on Wednesday.

According to NSE data, Alpha Wave sold 3.54 crore shares, equivalent to a 3.11% stake in Pine Labs, at Rs 155.10 apiece in a block deal valued at around Rs 550 crore. Following the transaction, Alpha Wave's ownership in Pine Labs has been reduced to about 4.85 lakh shares, marking an almost complete exit from the fintech company.

ICICI Prudential Life Insurance Company was the largest buyer in the transaction, acquiring 1.03 crore shares worth nearly Rs 160 crore.

Several other institutional investors also participated in the deal, including Societe Generale, Edelweiss Mutual Fund, Goldman Sachs Investments Mauritius, Viridian Asia Opportunities Master Fund, Integrated Core Strategies, JM Financial Mutual Fund, Morgan Stanley Asia Singapore, and Norges Bank.

Over the past few months, Alpha Wave has exited its stake in logistics company Delhivery through transactions worth about Rs 665 crore, reduced its exposure in eyewear retailer Lenskart through multiple share sales, and sold its holding in Aye Finance via a Rs 322 crore block deal.