Softbank sells PB Fintech shares worth Rs.914 crore.
Softbank entity SVF Python II Cayman conducted open market transactions, selling 1,14,21,212 equity shares of PB Fintech , the operator of Policybazaar, on December 15. The shares were divested at a rate of Rs.800.05 per share , amounting to a total valuation of Rs.913.75 crore.
![Softbank sells PB Fintech shares worth Rs.914 crore.](https://www.psuconnect.in/sdsdsd/SOFT_BANK.jpg)
Japanese conglomerate Softbank's arm Svf Python II on Friday divested a 2.5 percent stake in Policybazaar's parent firm PB Fintech for Rs.914 crore through open market transactions. HDFC Mutual Fund[MF] Mirae Asset MF , ICICI Prudential Life Insurance , Societe Generale, Capital Group, The Master Trust Bank of Japan, Government Pension Fund Global, Goldman Sachs, and China's Best investment corporation , are among the buyers of the shares.
Following the share sale , the respective shares were fell by 2.31 percent to close at Rs.789.45 per share on BSE. As per block deal data available with the BSE, Svf Python II [Cayman] Ltd offloaded a total of 1,14,21,212 shares in 10 tranches , amounting to 2.54 percent , in PB fintech.
Read Also : R.K. Chaudhary, CMD, NHPC met Chowna Mein, Hon’ble Dy. CM, Arunachal PradeshWith the latest transaction, the shareholding of softbank has declined to 1.85 per cent from 4.39 percent stake in PB Fintech. In October, Softbank pared a 2.5 percent stake in PB Fintech for Rs. 871 crore. Meanwhile, on second note, the Government Pension Fund Global and HDFC Mutual Fund mopped up 1.6 million and 1.15 million shares of PB Fintech, respectively. The PB Fintech Ltd stock ended at Rs.789.45, down by Rs.18.65, or 2.31 percent, on the BSE.
PB Fintech reported a consolidated net loss of Rs.21 crore for the September quarter of the current fiscal, which was 89 percent lower than Rs.187 crore reported in the year ago quarter.
Read Also : State Coal Minister inaugurates new solar plant at CCL’s Piparwar AreaPB Fintech was co-founded by Yashish Dahiya and Alok Bansal in 2008. The company operates an online insurance platform Policybazaar and credit comparison portal Paisabazaar. It made its public market debut in November 2021. SoftBank, which was one of the early investors in India's tech companies, has been gradually paring stakes in the firms, including Paytm, Delhivery, and Zomato.
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