SoftBank sells 5.1 pc stake in Policybazaar for Rs 1,043 crore
On Friday, SoftBank conducted an open market transaction to divest a 5.1% stake worth Rs 1,043 crore in PB Fintech, the parent company of Policybazaar. SVF India Holdings (Cayman), a SoftBank subsidiary, executed the sale by offloading 5.08% of the company’s stake, equivalent to 2,28,42,424 shares, as indicated by data from block deals on the National Stock Exchange (NSE).
The shares were sold at an average price of Rs 456.4 each, resulting in a total transaction value of Rs 1,042.52 crore. Following this transaction, SoftBank’s ownership in the company will be reduced to 5.06%, down from the previous 10.16%.
Buyers in this transaction included Goldman Sachs Singapore Pte, Societe Generale, Morgan Stanley Mauritius, and Max Life Insurance Company. After this development, shares of PB Fintech closed 5.21% higher at Rs 485 per share on the NSE.
PB Fintech is the entity behind the online insurance platform Policybazaar and the credit comparison portal Paisabazaar.
