Alpha Wave Ventures II LP has bought practically its complete stake in Indian fintech firm Pine Labs by way of a block deal price about Rs 550 crore.

The investor bought 35,456,317 shares on 2 September at Rs 155.10 every, alternate knowledge confirmed. The shares represented a 3.07% stake in Pine Labs.

ICICI Prudential Life Insurance coverage Firm was the most important purchaser, buying 10,315,925 shares, or a 0.89% stake, for about Rs 160 crore.

The remaining shares have been purchased by Societe Generale, Edelweiss Mutual Fund, Goldman Sachs Investments Mauritius I, Viridian Asia Alternatives Grasp Fund, Built-in Core Methods (Asia), JM Monetary Mutual Fund, Morgan Stanley Asia Singapore and Norges Financial institution on behalf of Norway’s Authorities Pension Fund International.

Alpha Wave Ventures II held 35,942,015 Pine Labs shares, equal to a 3.11% stake, on the finish of June. The transaction leaves it with 485,698 shares, or about 0.04% of the corporate.

The transaction follows a collection of stake gross sales by Alpha Wave entities in Indian corporations.

In June, Alpha Wave Ventures LP exited logistics firm Delhivery by promoting its complete 1.93% stake. It bought 14,444,800 shares in two transactions for a mixed Rs 664.74 crore.

Alpha Wave Ventures II additionally bought a 2.46% stake in eyewear retailer Lenskart in Might. In August, Alpha Wave entities bought an extra 2.94 crore Lenskart shares at Rs 630 every in transactions price about Rs 1,856.8 crore.

Alpha Wave India I LP additionally exited micro-enterprise lender Aye Finance in August, promoting its complete 7.78% stake by way of block offers price about Rs 322 crore.