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).
Recommended ArticlesView All
World Cancer Day 2023: Early detection is crucial for reducing the global burden
Feb 4, 2023 IST5 Min(s) Read
World Cancer Day 2023: A way forward to better management of cancer this year!
Feb 4, 2023 IST6 Min(s) Read
Pakistan economy at alarming level as foreign reserves drop to $3.1 billion from $16.6 billion in a year
Feb 3, 2023 IST3 Min(s) Read
FM Nirmala Sitharaman speaks on inflation, taxes, GDP and more. Read the full interview here
Feb 3, 2023 IST37 Min(s) Read
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.