Tencent Divests Shares in PB Fintech Amid Market Shifts

Chinese conglomerate Tencent sold Rs 415 crore worth of shares in PB Fintech, the parent company of Policybazaar, through an open market transaction. The sale of 33 lakh shares, equivalent to a 0.73% stake, was executed at an average price of Rs 1,259.71 per share. Details of buyers remain undisclosed.

Chinese conglomerate Tencent on Thursday significantly reduced its stake in PB Fintech, parent company of Policybazaar, through a notable open market transaction worth Rs 415 crore.

Reportedly, Tencent Cloud Europe BV, an affiliate of Tencent, offloaded 33 lakh shares on the National Stock Exchange (NSE) at an average price of Rs 1,259.71 each.

This divestment, representing a 0.73% stake in PB Fintech, caused shares of the company to drop by 0.41%, closing at Rs 1,288 apiece. Information on the buyers remains unavailable at this moment.