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Several institutional investors picked up the shares, including Goldman Sachs, Morgan Stanley, Societe Generale, Kotak Securities, Tata Mutual Fund and BNP Paribas.
The development comes few days after PB Fintech co-founders Yashish Dahiya and Alok Bansal dumped Rs 900 crore worth of shares.
Following the transaction, PB Fintech's Yashish Dahiya's stake dropped from 4.31% to 3.57%, while Alok Bansal’s holding declined to 1.04% from 1.40%.
The funding will be used to establish PB Health's first hospital network in the Delhi NCR and to accelerate product development and technology innovation.
Following this round, PB Fintech’s holding in PB Healthcare will decline from 100% to 32.14% due to the entry of external investors.
PB Fintech, parent entity of Policybazaar and Paisabazaar, has settled a case of alleged insider trading with Sebi by paying Rs 9.4 lakh as settlement amount.
PB Fintech group chief executive officer Yashish Dahiya also participated in the round.
PB Fintech will subscribe to 50,000 shares at a face value of Rs 10 per share aggregating to Rs 5 lakh, and will retain 100% ownership of the proposed entity.
