SoftBank invested around $199 million in the insurance aggregator and sold shares worth $250 million in its IPO last year, the report said. (Photo: Reuters) 
SoftBank invested around $199 million in the insurance aggregator and sold shares worth $250 million in its IPO last year, the report said. (Photo: Reuters) SoftBank is all set to sell half of its 10 per cent stake in PB Fintech on Friday, the parent firm of online insurance broker Policybazaar, said a report on Thursday.
SoftBank's offloaded stake would be worth Rs 1,000 crore. The base price for the block deal involving 2.28 crore shares is Rs 440 per share, a CNBC Awaaz report said. Citi is reportedly the broker
At present, SoftBank holds 10 per cent stake in Policybazaar. After the block deal on Friday, SoftBank will have 5 per cent stake left in the new age tech firm.
According to the report, the block deal is most likely at a 5 percent discount to PB Fintech's closing price as on December 1. The stock traded at Rs 461.55 apiece on the BSE, 2.05 per cent higher against the previous close.
SoftBank invested around $199 million in the insurance aggregator and sold shares worth $250 million in its IPO last year, the report said.
PB Fintech's consolidated loss in September quarter narrowed to Rs 186.63 crore from Rs 204.44 crore loss in the same quarter last year. The company stated that strong growth in insurance premiums, credit disbursal and operating revenue led the growth.
Policybazaar's revenue from operations for the same period rose to Rs 573.47 crore from Rs 279.58 crore reported in the corresponding quarter last year.
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