SoftBank is all set to sell its 10 per cent stake in PB Fintech, the parent company of online insurance broker PolicyBazaar, on Friday, said a report on Thursday.
SoftBank’s offloaded stake will be worth Rs 1,000 crore. A report in CNBC Awaaz said that the base price for the block deal consisting of 2.28 crore shares is Rs 440 per share. Citi is allegedly the tout
Currently, SoftBank has a 10 percent market share in Policybazaar. After the block deal on Friday, SoftBank will retain a 5 per cent stake in the new-age tech firm.
According to the report, the block deal is likely to happen at a 5 per cent discount to the closing price of PB Fintech on December 1. The stock was trading at Rs 461.55 on BSE, higher by 2.05 per cent over its previous close.
The report said SoftBank invested about $199 million in the insurance aggregator and sold $250 million worth of shares in its IPO last year.
PB Fintech’s consolidated loss in the September quarter narrowed to Rs 186.63 crore from a loss of Rs 204.44 crore in the same quarter last year. The company said strong growth in insurance premium, credit distribution and operating revenue led the increase.
Policybazaar’s revenue from operations for the same period increased to Rs 573.47 crore from Rs 279.58 crore in the corresponding quarter of the previous year.
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