PB Fintech shares in news as Softbank may sell 2.54% stake today via block deals

Shares of PB Fintech Ltd may see high volumes on Friday, as a media report suggested that the Japan-based SoftBank Group, which owned 4.39 per cent stake in PB Fintech through a venture capital fund SVF Python II (Cayman), was looking to offload shares worth up to $105 million in the parent of Policybazaar and Paisabazaar platforms through block deals.

Block deals were likely to be executed at an indicative price range of Rs 752-767, as per CNBC-TV 18 report.  

As per the report SoftBank could sell a 2.54 per cent stake in PB Fintech at a small discount of up to 2 per cent. Kotak Mahindra Capital is the banker handling the share sale.

In December 2022, SoftBank had offloaded 5.1 per cent stake in PB Fintech via SVF India Holdings (Cayman) for Rs 1,043 crore. SVF India Holdings (Cayman) had sold 2,28,42,424 shares, amounting to 5.08 per cent stake in the company, at an average price of Rs 456.4 apiece. The stock has risen 70 per cent year-to-date.

On Thursday, shares of PB Fintech closed at Rs 767.65, up 1,08 per cent. At this priec, SoftBank's 4.39 per cent stake in the company stands at Rs 1,516 crore. The 2.54 per cent stake in the company amounts to Rs 878 crore.

PB Fintech had reported narrowing of losses to Rs 11.9 crore for the June quarter comapred with a loss of Rs 204 crore in the same quarter last year. It reported revenue of operating revenue of Rs 666 crore, up 31 per cent YoY. Contribution margins for the quarter came in at 44 per cent.

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