In a recent development, 1.14 crore shares worth Rs 871.2 crore of PB Fintech were traded in a block deal on October 6, constituting approximately 2.5 percent of the company’s equity. While the identity of buyers and sellers remains unconfirmed, earlier reports from CNBC-TV18 on October 5 suggested that Japan’s SoftBank was gearing up to sell its shares in PB Fintech, estimated at around $105 million (Rs 876 crore), through a block deal.
Insiders hinted that this potential share sale might come with a slight discount, ranging from 0-2 percent off the prevailing market price of Rs 767 per share. The anticipated divestment by SoftBank is projected to account for a 2.54 percent stake in PB Fintech. Sources had revealed an indicative price range of Rs 752 to Rs 767 per share for these transactions.
As of June 2023, SoftBank held a 4.39 percent ownership in PB Fintech. This move follows SoftBank’s prior divestment in December 2022, where the company sold a 5.1 percent stake in PB Fintech. PB Fintech recognized for its online insurance platform Policybazaar and credit comparison portal Paisabazaar, witnessed its shares close at Rs 767.65, reflecting a gain of Rs 8.20 or 1.08 percent on the BSE.
This strategic move by SoftBank reflects dynamic shifts in the financial landscape, emphasizing the evolving strategies of major players in the fintech sector and their adjustments to market dynamics.
