SoftBank offloads 2.5% stake in PB Fintech for Rs 871 crore
SoftBank on Friday offloaded a 2.5% 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.
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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 June quarter, SVF Python II (Cayman) owned 4.39% stake in the company, shareholding data pattern showed 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 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
