INSUBCONTINENT EXCLUSIVE:
Shares of PB Fintech fell 0.71 per cent to close at Rs 1,724.85 per scrip on the BSE
| Photo: Reuters2 min read Last Updated Aug 29 2024 | 11:19 PM IST
Chinese conglomerate Tencent on Thursday sold a 2.1 per cent stake in
PB Fintech, the parent company of Policybazaar, for Rs 1,668 crore via open market transactions, while SBI Mutual Fund (MF) and Societe
Generale (SocGen) picked up stake in the company.
Tencent Cloud Europe BV, an affiliate of Shenzhen-based technology multinational
Tencent, offloaded 97 lakh shares in 15 tranches, amounting to a 2.13 per cent stake in PB Fintech, as per the block deal data available on
the BSE.
The shares were disposed of at an average price of Rs 1,719.75 apiece, taking the transaction value to Rs 1,668.15 crore.
After
the share sale, Tencent's sharehdoling in PB Fintech has declined to 2.13 per cent from 4.26 per cent.
Meanwhile, SBI MF, Axis MF, Mirae
Asset MF, ICICI Prudential Life Insurance, HDFC Life Insurance, Europacific Growth Fund, Goldman Sachs Singapore, Copthall Mauritius
Investment, Ghisallo Master Fund LP, SocGen, and British hedge fund Marshall Wace were among the buyers of PB Fintech's shares.
Shares
of PB Fintech fell 0.71 per cent to close at Rs 1,724.85 per scrip on the BSE.
PB Fintech operates online insurance platform Policybazaar
and credit comparison portal Paisabazaar
Both platforms address large and highly underpenetrated online insurance and lending markets.
In June this year, Tencent sold shares of PB
Prior to that, Tencent offloaded a 1.2 per cent stake in the company for Rs 664 crore in May.(Only the headline and picture of this report
may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First Published:
Aug 29 2024 | 11:18 PMIST
