SoftBank Sells 1.14 Cr PB Fintech Shares For Rs 914 Cr

Japanese investment giant SoftBank divested 2.53 per cent of its PB Fintech stake, totaling Rs 913.7 Cr across various block deals.

In the quarter ending September 2023, SoftBank's SVF Python II (Cayman) owned 1.97 Cr shares, equating to a 4.39 per cent stake in Policybazaar's parent company.

After the recent deal on Friday, SoftBank is anticipated to retain 83.23 Lakh shares in PB Fintech.

The shares offloaded by SoftBank found takers in Societe Generale, HDFC Mutual Fund, Goldman Sachs (Singapore) Pte, Smallcap World Fund, ICICI Prudential Life Insurance Company and others.

Societe Generale and HDFC Mutual Fund each acquired 15.5 Lakh PB Fintech shares, while Government Pension Fund Global purchased 16.5 Lakh shares from the offloaded lot. New World Fund secured 16.4 Lakh shares from SVF Python II's divestment.

This stake sale by SoftBank in PB Fintech occurred approximately a year following its sale of over 5 per cent stake in the company.

Following the divestment, PB Fintech shares dropped 2.3 per cent, closing Friday's session at Rs 789.45 on the BSE.

This move by SoftBank echoes its recent divestments in other Indian entities, such as Zomato and Delhivery, and aligns with its strategy amid increasing losses.

Meanwhile, PB Fintech has witnessed an improvement in its financials, recording a significant decline of over 89 per cent in net losses year-on-year in Q2 FY24. Additionally, the company reported its third successive quarter with positive adjusted EBITDA.

In parallel, PB Fintech informed exchanges of Income Tax officials visiting its Paisabazaar subsidiary earlier in the week.