Softbank Sells 2.5% Stake in PB Fintech for Rs 914 Cr

New Delhi, Dec 15 (PTI) Japanese conglomerate Softbank's arm Svf Python II (Cayman) on Friday divested a 2.5 per cent stake in Policybazaar's parent firm PB Fintech for Rs 914 crore through open market transactions.

HDFC Mutual Fund (MF), Mirae Asset MF, 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, among others, were the buyers of the shares.

Following the share sale, shares of PB Fintech fell 2.31 per cent to close at Rs 789.45 apiece on the BSE.

Svf Python II (Cayman) Ltd offloaded a total of 1,14,21,212 shares in 10 tranches, amounting to 2.54 per cent, in PB Fintech, as per the block deal data available with the BSE.

The shares were sold at an average price of Rs 800.05 apiece, taking the aggregate deal value to Rs 913.75 crore.

After the latest transaction, Softbank's shareholding has declined to 1.85 per cent from 4.39 per cent stake in PB Fintech.

In October, Softbank pared a 2.5 per cent stake in PB Fintech for Rs 871 crore.

In December last year, Softbank through its affiliates offloaded 5.1 pc stake in Policybazaar for Rs 1,043 crore.

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

SoftBank, which was one of the early investors in India's tech companies, has been gradually paring stakes in the firms, including Paytm, Delhivery and Zomato.