Tuesday, March 28, 2023
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HomeMarketStocksSoftbank sells 5.1% stake in Policybazaar for Rs 1,043 crore

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

New Delhi: Softbank on Friday bought 5.1% stake price Rs 1,043 crore of PB Fintech, the mother or father of Policybazaar, by way of an open market transaction. SVF India Holdings (Cayman) offloaded 2,28,42,424 shares, amounting to five.08% stake within the firm, in accordance with block deal information accessible with the Nationwide Inventory Exchnage (NSE). The entity is a subsidiary of Softbank.

The shares had been offloaded at a median value of Rs 456.4 apiece, taking the transaction worth to Rs 1,042.52 crore.

Submit the newest transaction, Softbank’s shareholding within the firm will scale back to five.06 per cent from 10.16 per cent.

Goldman Sachs Singapore Pte, Societe Generale, Morgan Stanley Mauritius and Max Life Insurance coverage Firm had been among the many consumers.

Shares of PB Fintech closed 5.21% increased at Rs 485 per scrip on the NSE.

PB Fintech operates on-line insurance coverage platform Policybazaar and credit score comparability portal Paisabazaar.

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