Shares of PB Fintech Ltd, the parent company of Policy Bazaar and PaisaBazaar, surged more than 7 per cent during the trading session on Wednesday after the company announced incorporation of a new subsidiary on Tuesday through an exchange filing with the bourses. "We hereby inform that a wholly-owned subsidiary of the company by the name of "PB Pay Private Limited' has been incorporated vide certificate of incorporation issued by Registrar of Companies, Central Registration Centre, Ministry of Corporate Affairs dated April 09, 2024," said the company in an exchange filing. Last month, PB Fintech had approved the incorporation of PB Pay, which is created to conduct the business of payment aggregator with a paid-up capital of Rs 27 crore. Payment aggregators enable their clients to accept various payment methods such as debit cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets and e-mandates. Following the announcement, shares of PB Fintech surged more than 7.33 per cent to Rs 1,400, hitting its new 52-week high and commanding a total market capitalization of more than Rs 63,000 crore. The scrip had settled at Rs 1304.35 in the Tuesday's trading session. Shares of PB Fintech have surged about 150 per cent from its 52-week low at Rs 567.50 hit a year ago. The stock has rallied more than 70 per cent in the year 2024 so far, while it is up 85 per cent in the last six months. In the last one month, the stock has gained about 25 per cent. Recently, the insurance tech player also announced a partnership with ICICI Lombard to provide insurance solutions to 1 crore customers. The companies said the new combine will utilise the product portfolio of ICICI Lombard and the reach of Policybazaar and provide accessible insurance solutions.