Shares changed hands at an average price of ₹188 per share, taking the total transaction value to ₹934 crore.
Buyers and sellers in the transaction are not officially known.
On Monday, September 21, CNBC-TV18 reported, citing sources that Mastercard Asia was likely to sell 4.97 crore shares, or 4.3% stake, in the company via a block deal.
Floor price for the block deal had been set at ₹179.5 per share and the holder sought to raise ₹892.5 crore, the sources added.
As per data available on the exchanges, public shareholders hold 100% stake in Pine Labs. Of this, Mastercard Asia-Pacific Pte Ltd held 4.31% stake or 4.97 crore equity shares in the company, at the end of the June quarter. If indeed Mastercard Asia is the seller in this transaction, the seller would have made a complete exit from the stock.
Pine Labs shares listed on the stock exchanges on November 14, 2025.
As per its red herring prospectus (RHP), available on the Securities and Exchange Board of India (SEBI), Mastercard Asia/Pacific Pte Ltd was an investor selling shareholder in the offer for sale (OFS). It was looking at selling up to 59.25 lakh equity shares of face value ₹1 with the weighted average cost of acquisition per equity share of ₹128.62, the RHP stated.
Earlier this month, Pine Labs witnessed another large trade, where 3.5 crore shares or 3.1% of its equity worth ₹550 crore in a block deal window.
Later it was revealed that Alpha Wave Ventures had sold the 3.55 crore shares or 3.1% equity in the company worth ₹550 crore via block deal.
ICICI Prudential Life Insurance Company had bought 1.03 crore shares or 0.89% equity in the company for ₹160 crore, Societe Generale bought 45.3 lakh shares or 0.39% equity for ₹70.3 crore, Goldman Sachs Investment Mauritius bought 41.6 lakh shares or 0.36% equity for ₹64.5 crore shares and Viridian Asia Opportunities Master Fund bought 41.3 lakh shares or 0.36% equity for ₹64.1 crore.
The deal was executed at an average price of ₹155.1 per share on the National Stock Exchange.
Shares of Pine Labs opened higher but have now slipped into the red, trading 0.8% lower at ₹192.17. the stock is down 18% so far this year and is also trading below its issue price of ₹221 per share, even after having gained 22% over the last one month on potential boosts from the MDR rules.
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