SoftBank Arm Sells 2.5% Stake In PB Fintech For Rs 914 Cr

SoftBank's subsidiary, Svf Python II (Cayman) Ltd, has successfully divested a 2.5 per cent stake in PB Fintech, the parent company of renowned online insurance platform Policybazaar. The transaction, executed through open market dealings, amounted to a substantial Rs 914 crore.

This significant divestment saw the offloading of 1,14,21,212 shares in 10 tranches, constituting 2.54 per cent of PB Fintech's total shares. The shares were sold at an average price of Rs 800.05 per share, culminating in a total deal value of Rs 913.75 crore.

Noteworthy buyers in this strategic move included prominent entities such as HDFC Mutual Fund, Mirae Asset Mutual Fund, 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.

Market dynamics reacted to the transaction, with PB Fintech's shares experiencing a 2.31 per cent decline, closing at Rs 789.45 apiece on the Bombay Stock Exchange.

This divestment marks a continued trend for SoftBank, a pioneer in early investments in India's tech landscape. The conglomerate had previously reduced its stake in PB Fintech by 2.5 per cent in October for Rs 871 crore. After this latest transaction, SoftBank's overall shareholding in PB Fintech has decreased from 4.39 per cent to 1.85 per cent.

PB Fintech, co-founded by Yashish Dahiya and Alok Bansal in 2008, operates Policybazaar, a leading online insurance platform, and Paisabazaar, a credit comparison portal. The company made its debut in the public market in November 2021.