PB Fintech stock saw as much as 2.1 percent equity stake changing hands in block deals on 29 August ahead of the market open. As many as 97 lakh equity shares were sold, with Tencent Cloud Europe being the likely seller. The deal value was not immediately known.
Even though Moneycontrol could not immediately verify the parties involved in the transaction, CNBC-TV18 reported on August 28 that Tencent Cloud Europe BV was eyeing to sell a 2.1 percent stake in the Policybazaar parent company at a floor price of Rs 1,660.2 per share.
At this price, 97 lakh shares would be worth about Rs 1,610.40 crore, calculations show.
Meanwhile, this stake sale will also trigger a 60-day lock-in period before Tencent Cloud can execute any other tranche of the sale, the report stated.
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Previously, Tencent Cloud had offloaded another 1.2 percent stake in PB Fintech back in May this year, making Rs 677 crore from the equity sale. As of the insurance aggregator's latest shareholding data, Tencent Cloud Europe still owned a 4.26 percent stake in the company.
The Policybazaar parent, PB Fintech swung back into profit in the April-June quarter. It reported a net profit of Rs 60 crore in Q1, as against a net loss of Rs 11.9 crore in the year ago period. Revenue also grew by nearly 52 percent to Rs 1,010.5 crore compared to Rs 665.6 crore in the same period of the previous fiscal.
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