SoftBank offloads 2.5% stake in PB Fintech
Summary
Mumbai: Japanese tech investor SoftBank on Friday offloaded an additional 2.54% stake or 11.4 million shares in Policybazaars parent entity PB Fintech Ltd through a bulk deal. The shares were sold at 762.8 apiece.Prior to the stake sale, SoftBank held 4.39% in PB Fintech through its entity SVF Python II (Cayman) Ltd After the sale, SVF Python II (Cayman) will hold a 1.85% stake in PB Fintech. Financial service firm Societe Generale bought 0.58% or 2.6 million shares in the company at the same price.In December, 2022, Softbank sold 5.1% stake worth 1,043 crore of PB Fintech through an open market transaction. Goldman Sachs Singapore Pte, Societe Generale, Morgan Stanley Mauritius and Max Life Insurance Company were among the buyers.PB Fintech, with a market capitalization of 34,303 crore, has outperformed the Nifty 50 index in the past year, delivering a return of 55% to investors, compared to the indexs return of 13.4%. Mint is now on WhatsApp Channels \U0001f680 Subscribe today by clicking the link and stay updated with the latest financial insights!"