Softbank offloads 2.5 pc stake in PB Fintech for Rs 871 cr

It made its public-market debut in November 2021.

Japanese conglomerate Softbank on Friday offloaded a 2.5 per cent stake in Policybazaar's parent firm PB Fintech 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, among others are 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 per cent and 1.8 per cent 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 June quarter, SVF Python II (Cayman) owned 4.39 per cent stake in the company, shareholding data pattern showed with the bourse.

Following the stake sale, shares of PB Fintech fell 0.73 per cent to close at Rs 761.40 apiece on the NSE.

In December 2022, Softbank divested a 5.1 per cent stake in Policybazaar 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)