Softbank offloads 2.5% stake in PB Fintech for Rs 871 Cr
The shares were offloaded at an average price of Rs 762.80 apiece, taking the combined transaction value to Rs 871.21 crore.
Japanese conglomerate has offloaded a 2.5% stake in Policybazaar's parent firm through open market transactions for Rs 871 crore.
Softbank, through its affiliates SVF India Holdings (Cayman) Ltd and SVF Python II (Cayman) Ltd, sold the shares of the company.
Tata Mutual Fund (MF), Kotak MF, Societe Generale, Morgan Stanley Asia Singapore Pte, Nomura Singapore, Pioneer Investment Fund Scheme II, Saudi Central Bank, Goldman Sachs (Singapore) Pte, and Citigroup Global Markets Mauritius are among the buyers of shares of PB Fintech.
As per the block deal data available on the National Stock Exchange (NSE), SVF India Holdings (Cayman) sold 30,97,576 shares and SVF Python II (Cayman) disposed of 83,23,635 shares, amounting to a 0.7% and 1.8% stake in PB Fintech, respectively.
The shares were offloaded at an average price of Rs 762.80 apiece, taking the combined transaction value to Rs 871.21 crore.
At the end of the June quarter, SVF Python II (Cayman) owned 4.39% stake in the company, according to shareholding data pattern with the bourse.
Following the stake sale, shares of PB Fintech fell 0.73% to close at Rs 761.40 apiece on the NSE.
In December 2022, Softbank divested a 5.1% stake in for Rs 1,043 crore through an open market transaction.
PB Fintech was co-founded by Yashish Dahiya and Alok Bansal in 2008. The company operates online insurance platform Policybazaar and credit comparison portal Paisabazaar. It made its public-market debut in November 2021.
Edited by Swetha Kannan