India, Feb. 6 -- Fintech major PB Fintech said that the management has dropped its plans, announced last week, to raise funds via a qualified institutional placement (QIP). The company was responding to a report published earlier in the day which said PB Fintech plans to raise $1 Bn via the QIP.

Notably, the company's plans to consider a fundraise for inorganic acquisitions triggered a heavy sell-off in its shares. Following this, the company canceled its board meeting yesterday to deliberate on the fundraise.

However, a report by Bloomberg said today that the company would look to raise $1 Bn from the QIP post an investor outreach.

"In this regard, we would like to clarify that the news is factually untrue. The management or the Board...