SoftBank plans to sell part stake in PB Fintech in fresh block deal of around $105 mn

PB Fintech | CMP Rs 753.80 | Shares of PB Fintech, which operates Policybazaar, closed below 1 percent as Softbank entities SVF Python II (Cayman) and SVF India Holdings (Cayman) offloaded 11.4 million shares in the insurance player on October 6, Friday.

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Japanese tech giant SoftBank is planning to offload an additional 2.54 per cent stake in PB Fintech, the parent company of leading online insurance platform Policybazaar, via the block deal route, multiple industry sources in the know told Moneycontrol.

"The block deal has been launched. SoftBank is not exiting, and this is a part stake sale," said one of the persons above.

The offer price range is Rs 752 to Rs 767 per share, which represents a 0-2 per cent discount to the previous closing price of Rs 767 per share, according to deal terms viewed by Moneycontrol.

Two other persons confirmed the launch and added that the deal size ( at the top end of the range) is likely to be around $105 million or Rs 876 crore. Kotak Mahindra Capital is the i-banker working on the share sale, they added.

All the three persons above spoke to Moneycontrol on the condition of anonymity.

SoftBank and Kotak Mahindra Capital could not be reached for an immediate comment.

The stock price of PB Fintech has risen by nearly 28 per cent in the last six months.

According to latest stock exchange data on PB Fintech's shareholding pattern , SVF Python II ( Cayman) Limited, a SoftBank entity currently holds 4.39 per cent stake. Post the fresh block deal, the holding will come down to 1.85 per cent.

PB Fintech reported a sharp contraction in its consolidated loss at Rs 12 crore for the quarter ended June 2023, as compared to the Rs 204 crore loss it reported during the first quarter of last year.