As many as 1.14 crore shares worth Rs 871.2 crore of PB Fintech changed hands in a block deal window on Friday, October 6. The shares added up to around 2.5 percent equity of the company.
The buyers and sellers are not yet confirmed, althout CNBC-TV18 on Thursday, October 5, had reported, citing sources, that Japan's SoftBank was to sell its shares worth up to $105 million (Rs 876 crore) in the company via a block deal.
Sources privy to the developments had told CNBC-TV18 that this share sale may be offered at a slight discount, ranging from 0-2 percent off the current market price, which stands at Rs 767 per share.
SoftBank is expected to divest a 2.54 percent stake in PB Fintech through these block deals, the sources said on Thursday. The indicative price for these transactions is likely to fall within the range of Rs 752 to Rs 767 per share, sources in the know had added.
As of June 2023, SoftBank's ownership in PB Fintech stood at 4.39 percent. This move comes following SoftBank's previous divestment, where the company sold a 5.1 percent stake in PB Fintech in December 2022.
PB Fintech operates an online insurance platform Policybazaar and credit comparison portal Paisabazaar.
Shares of PB Fintech Ltd ended at Rs 767.65, up by Rs 8.20, or 1.08 percenton the BSE.
First Published: Oct 5, 2023 10:15 PM IST
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