scorecardresearchSoftbank sells 5.1% stake in Policybazaar for ₹1,043 crore

Softbank sells 5.1% stake in Policybazaar for 1,043 crore

Updated: 03 Dec 2022, 10:12 AM IST
TL;DR.
Shares of PB Fintech closed 5.21 per cent higher at 485 per scrip on NSE. PB Fintech operates online insurance platform Policybazaar and credit comparison portal Paisabazaar.
FILE PHOTO: SoftBank Corp's logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon/File Photo

FILE PHOTO: SoftBank Corp's logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon/File Photo

(PTI) Softbank on Friday sold 5.1 per cent stake worth 1,043 crore of PB Fintech, the parent of Policybazaar, through an open market transaction. 

SVF India Holdings (Cayman) offloaded 2,28,42,424 shares, amounting to 5.08 per cent stake in the company, according to block deal data available with the National Stock Exchnage (NSE). 

The entity is a subsidiary of Softbank. The shares were offloaded at an average price of 456.4 apiece, taking the transaction value to 1,042.52 crore. Post the latest transaction, Softbank's shareholding in the company will reduce to 5.06 per cent from 10.16 per cent. 

Goldman Sachs Singapore Pte, Societe Generale, Morgan Stanley Mauritius and Max Life Insurance Company were among the buyers. 

Shares of PB Fintech closed 5.21 per cent higher at 485 per scrip on NSE. PB Fintech operates online insurance platform Policybazaar and credit comparison portal Paisabazaar.

First Published: 03 Dec 2022, 10:12 AM IST