Softbank sells 5.1 pc stake in Policybazaar for Rs 1,043 crore

Softbank on Friday sold 5.1 per cent stake worth Rs 1,043 crore of PB Fintech, the parent of Policybazaar, through an open market transaction.

SVF India Holdings (Cayman) offloaded 2,28,42,424 shares, amounting to 5.08 per cent stake in the company, according to block deal data available with the National Stock Exchnage (NSE).

The entity is a subsidiary of Softbank.

The shares were offloaded at an average price of Rs 456.4 apiece, taking the transaction value to Rs 1,042.52 crore.

Post the latest transaction, Softbank's shareholding in the company will reduce to 5.06 per cent from 10.16 per cent.

Goldman Sachs Singapore Pte, Societe Generale, Morgan Stanley Mauritius and Max Life Insurance Company were among the buyers.

Shares of PB Fintech closed 5.21 per cent higher at Rs 485 per scrip on NSE.

PB Fintech operates online insurance platform Policybazaar and credit comparison portal Paisabazaar.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)