Shares of PB Fintech, the parent company of PolicyBazaar, rallied 5% and hit a 52-week high of Rs 1,400.35 on 10 April after successfully incorporating a subsidiary unit.

In its regulatory filing on 9 April, the company said that PB Pay Private Limited, a wholly-owned subsidiary, has been successfully incorporated vide a certificate of incorporation issued by the Registrar of Companies, Central Registration Centre, Ministry of Corporate Affairs.

Earlier in March, the promoter of the company PB Fintech had approved the incorporation of PB Pay Private Limited, which was created to conduct the business of payment aggregator for a paid-up capital of Rs 27 crore.

Payment aggregators enable their clients to accept various payment methods such as credit cards, debit cards, UPI, bank transfers, cardless EMI, e-mandates, and e-wallets.

The company has also announced that Policybazaar and ICICI Lombard have entered into a strategic partnership to combine the product portfolio of ICICI Lombard and the reach of Policybazaar to provide accessible insurance solutions to over 1 crore customers.

In a joint statement, the companies said, “The collaboration encompasses access to nearly 1 crore customers with a wide range of insurance products, including motor insurance, health insurance, travel insurance, home insurance, and business insurance.”

At 11:45 am, the shares of PB Fintech were trading 3.075 higher at Rs 1,351.40 on NSE.