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Updated December 16th, 2023 at 10:50 IST

SoftBank Vision Fund sells PB Fintech shares valued at Rs 914 crore

Svf Python II (Cayman) Ltd offloaded 2.54 per cent of PB Fintech shares in 10 tranches, totalling 1,14,21,212 shares.

Business Desk
SoftBank Vision Fund
SoftBank Vision Fund | Image:SoftBank
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SoftBank's Vision Fund has divested 11.4 million shares of PB Fintech, the financial services platform, at Rs 800.05 per share, resulting in a transaction value of Rs 914 crore. 

Simultaneously, the Government Pension Fund Global entered PB Fintech with the acquisition of 1.6 million shares, while HDFC Mutual Fund made a notable investment, purchasing 1.15 million shares at the same price.

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The buyers of PB Fintech shares include Mirae Asset MF, ICICI Prudential Life Insurance, Societe Generale, Capital Group, The Master Trust Bank of Japan, Goldman Sachs, and China's Best Investment Corporation. Svf Python II (Cayman) Ltd offloaded 2.54 per cent of PB Fintech shares in 10 tranches, totalling 1,14,21,212 shares.

Following this transaction, SoftBank's stake in PB Fintech reduced to 1.85 per cent from its previous 4.39 per cent holding. The move follows SoftBank's earlier divestment of a 2.5 per cent stake in PB Fintech in October for Rs 871 crore. 

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Last year in December, SoftBank, through its affiliates, offloaded a 5.1 per cent stake in Policybazaar for Rs1,043 crore.

PB Fintech reported a consolidated net loss of Rs 21 crore for the September quarter, an 89 per cent decrease, from Rs 187 crore in the corresponding quarter of the previous fiscal year. 

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Co-founded in 2008 by Yashish Dahiya and Alok Bansal, PB Fintech operates online insurance platform Policybazaar and credit comparison portal Paisabazaar. The company made its debut in the public market in November 2021.

SoftBank, an early investor in India's tech companies, has been progressively reducing stakes in various firms, including Paytm, Delhivery, and Zomato. 

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PB Fintech shares settled 2.31 per cent lower at Rs 789.45 on the BSE.

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Published December 16th, 2023 at 10:38 IST

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