Japanese tech powerhouse SoftBank intends to sell an additional 2.54% of its stake in PB Fintech, the company behind the popular online insurance platform, Policybazaar, according to insiders familiar with the matter.
What Happened? SoftBank has initiated the block deal but doesn’t plan to completely exit the company.
The proposed selling price for the shares ranges between ₹752 and ₹767, aligning closely with the recent closing price of ₹767 per share.
If the deal reaches the higher end of this price range, it could be worth approximately $105 million or ₹876 crore. Kotak Mahindra Capital is overseeing this share sale.
Current stock exchange data reveals that SVF Python II (Cayman) Limited, a SoftBank subsidiary, owns 4.39% of PB Fintech. After this sale, their ownership will reduce to 1.85%.
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On the financial front, PB Fintech has shown improvement. For the quarter ending June 2023, the company reported a loss of ₹12 crore, a significant reduction from the ₹204 crore loss in the same period the previous year.
Price Action: PB Fintech Ltd. shares were trading 0.17% lower at ₹766.35 at market open on Friday.
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