Pine Labs shares jumped up to 4% on Tuesday, touching a day high of ₹201.24, after Mastercard’s likely ₹934 crore stake exit via block deal.

Mastercard Asia Pacific reportedly put up to 4.97 crore shares on the block, close to 4.3% of Pine Labs, at a floor price of ₹179.50 each.

That is a 7.33% discount to Monday’s closing price. At the floor price alone, the deal was worth around ₹892.5 crore.

By the time trading closed, the shares had actually changed hands at an average price of ₹188, taking the total transaction value closer to ₹934 crore.

Citigroup Global Markets India handled the sale as placement agent, and the trade is set to settle on September 23. Neither the buyers nor the seller has been officially confirmed on the exchanges.

But if Mastercard was indeed behind the sale, it would mean the company has walked away from its entire stake in Pine Labs, something it has held since the fintech firm’s stock market debut.

This is not the only large trade Pine Labs has seen recently. Earlier this month, Alpha Wave Ventures sold 3.55 crore shares worth close to ₹550 crore in a separate block deal.

Buyers in that transaction included ICICI Prudential Life Insurance, Societe Generale and Goldman Sachs, among others. On the business front, Pine Labs also had a strong June quarter.

Net profit more than quadrupled to ₹19.6 crore compared with the same period last year, while revenue grew nearly 20% year on year to ₹737 crore.

Operating margins improved too, with EBITDA nearly doubling during the quarter.

As of 9:33 am on Tuesday, Pine Labs was trading at ₹200.17 on the NSE, up 3.34% for the day.

The stock is still down close to 15% since the start of the year, though it has gained close to 28% over the past month.

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