homebusiness Newscompanies NewsSoftBank to sell 5.1% stake in Policybazaar parent PB Fintech tomorrow
SoftBank to sell 5.1% stake in Policybazaar parent PB Fintech tomorrow
Shares of PB Fintech Ltd ended at Rs 461.55, up by Rs 9.25, or 2.05 percent on the BSE. The floor price for the block deal has been fixed at Rs 440 per share at a 4.6 percent discount from the current market price, sources in the know told CNBC-TV18.
SoftBank Group Corp's SVF India Holdings (Cayman) Ltd plans to sell a stake of 5.1 percent (2.28 crore shares) in PB Fintech on Friday, December 2, the parent firm of online insurance broker Policybazaar, through a block deal, sources privy to the development told CNBC-TV18. The floor price has been fixed at Rs 440 per share at a 4.6 percent discount from the current market price (CMP), sources in the know told CNBC-TV18 today (December 1).
Citi India is the broker of the deal and there is a 60-day lock-up period on further sale post the block deal.
The Japanese technology company currently owns a 10.17 stake in PB Fintech via two companies. After the deal, Softbank will continue to hold a 5 percent stake in PB Fintech.
Recently, Tiger Global Management offloaded shares of PB Fintech for Rs 522 crore through open market transactions.
According to the bulk deal data available with the National Stock Exchange (NSE), funds managed by Tiger Global — Tiger Global Eight Holdings and Internet Fund III Pte — sold a total of 1,34,17,607 shares, amounting to 2.98 percent stake in the company.
The shares were disposed of at an average price of Rs 389.38-Rs 389.44 apiece, taking the transaction value to Rs 522.50 crore. Meanwhile, WF Asian Reconnaissance Fund acquired 50 lakh shares of the company.
PB Fintech operates an online insurance platform Policybazaar and credit comparison portal Paisabazaar.
(Edited by : Shoma Bhattacharjee)
First Published: Dec 1, 2022 7:20 PM IST
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