SoftBank plans to sell 5% stake in Policybazaar via block deal tomorrow: Report
From tomorrow's block deal, through which Softbank is aiming to raise ₹1,000 crore, could be at a base price of ₹440 a share, at a discount of 4.5% to today's closing price
PremiumJapanese conglomerate SoftBank Group Corp is planning to sell a 5% stake in PB Fintech, the parent of online insurance marketplace Policybazaar, via a block deal on Friday, reported Reuters citing a report. Citi is the sole broker to the deal.
From tomorrow's block deal, through which Softbank is aiming to raise ₹1,000 crore, could be at a base price of ₹440 a share, at a discount of 4.5% to today's closing price, according to reports.
Shares of PB Fintech closed 1.60% higher at ₹460.00 apiece on the NSE on Thursday.
The Japanese conglomerate owns a more than 10% stake in PB Fintech through two of its units, as per the exchange data available.
Post the sale, SoftBank will hold a 5% stake in the online insurance aggregator.
One of the units, SVF India Holdings, will likely sell the shares, the report added.
PB Fintech listed at ₹1,150, a 17.3% premium over its issue price of ₹980 apiece last year. The ₹5,625 crore IPO was subscribed 16.59 times.
Meanwhile, PB Fintech recorded a 8.6% dip in its consolidated net loss to ₹186.5 crore in the July-September quarter of fiscal 2022-23, as compared to a loss of ₹204.4 crore reported in the corresponding quarter of last year, helped by a strong growth in its lending business.
On a sequential basis, the firm's loss narrowed 8.5% from ₹204.3 crore loss reported in the first quarter of FY23. The company's operating revenue more than doubled to ₹573.5 crore.
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