Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Markets / Stock Markets/  SoftBank plans to sell 5% stake in Policybazaar via block deal tomorrow: Report
BackBack

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

Shares of PB Fintech closed 1.60% higher at ₹460.00 apiece on the NSE on Thursday.Premium
Shares of PB Fintech closed 1.60% higher at 460.00 apiece on the NSE on Thursday.

Japanese 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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 01 Dec 2022, 08:01 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie