Softbank sells 5.1% stake in Policybazaar for ₹1,043 crore
Japanese conglomerate 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.
PB Fintech operates online insurance platform Policybazaar and credit comparison portal Paisabazaar.
SVF India Holdings (Cayman) offloaded 228,424,24 shares, amounting to 5.08 per cent stake in the company, according to block deal data available with the National Stock Exchnage (NSE). SVF India Holdings (Cayman) 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.
Morgan Stanley Mauritius bought 273,0000 shares at an average price of ₹456.40, while Societe Generale bought 260,0000 shares at an average price ₹456.40.
Founded in 2008 by Yashish Dahiya and Alok Bansal as a price-comparison platform, PolicyBazaar made its public market debut in November 2021 and gained nearly 18% on listing. SoftBank had offloaded around 20% of its total stake in the insurance player during listing for as much as $250 million.
PB Fintech reported decline of 8.6 per cent in its consolidated net loss to ₹186.5 crore in the September quarter as against a loss of ₹204.4 crore reported in the corresponding quarter of last year.
Shares of PB Fintech closed 5.21 per cent higher at ₹485 per scrip on NSE.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.