As per NSE data, the PE firm, via its Madison India Opportunities IV fund, sold the shares at ₹144 apiece to rake in the amount
The shares that flooded the market were lapped up by Franklin Templeton, HSBC Mutual Fund, ICICI Prudential, Tata Mutual Fund, Morgan Stanley, among others
With this, Madison India Capital has sold off nearly the entirety of its holding in the fintech company
Madison India Capital today offloaded 2.48 Cr shares in fintech major Pine Labs
in a block deal worth ₹356.86 Cr.
As per NSE data, the PE firm, via its Madison India Opportunities IV fund, sold the shares at ₹144 apiece to rake in the amount. This represented a premium of 0.8% to the stock’s last closing price on Friday.
The shares that flooded the market were lapped up by Franklin Templeton, HSBC Mutual Fund, ICICI Prudential, Tata Mutual Fund, Morgan Stanley, among others. Notably, HSBC Mutual Fund bought the biggest chunk of 61.73 Lakh shares for ₹88.89 Cr.
With this, Madison India Capital has sold off nearly the entirety of its holding in the fintech company. The PE firm held 2.53 Cr shares in the listed startup at the end of the March 2026 quarter.
This marks the second time that the investment firm has cashed in on its investment in Pine Labs, which dates back to 2016, in the past year. Earlier, Madison India Capital sold 30.19 Lakh shares during the company’s IPO, raking in ₹66.7 Cr at a return multiple of 5.6X.
The sell-off came as Pine Labs touched a fresh all-time low of ₹141.05 during intraday trade today. The stock settled at ₹142.8 to end the day, still 3.71% lower than previous close. The company’s shares have been dipping after the expiry of its IPO lock-in period on May 13.
Meanwhile, the fintech major continues to see healthy traction on the financial front. Pine Labs posted its second consecutive profitable quarter in Q3 FY26, reporting a consolidated net profit of ₹42.4 Cr against a net loss of ₹56.7 Cr in the year-ago quarter.
Operating revenue also rose 24% YoY and 15% QoQ to ₹744.3 Cr during the quarter under review. Pine Labs is yet to disclose its performance for the Q4 FY26.
Source: Inc42 - Startups
