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Policybazaar’s shares worth ₹416 Crore change hands

7 Jun 2024 , 03:29 PM

Tencent Cloud Europe BV sold a 0.73% share in Policybazaar’s parent firm, PB Fintech, for ₹416 Crore in an open market deal. Tencent sold 33 lakh shares at an average price of ₹1,259.71 per share, based on NSE bulk deal data. Buyers were not immediately identified.

PB Fintech’s stock concluded Thursday’s session at ₹1,289.35 on the NSE, down slightly from an intraday increase of about 5.4%. The current sale will reduce Tencent’s stake in the company by 5.5%. At the end of March 2024, it owned 6.26% of the company.

The Chinese tech investor sold a 2.1% interest in May 2023 for ₹562 Crore. However, since then, the stock price has more than doubled. The sale price in 2023 was ₹596.66 per piece.

According to the most recent shareholding pattern, the public owns 99.41% of PB Fintech, while workers control the remaining portion. Foreign portfolio investors (FPIs) own 41.4% of the company, while domestic institutional investors such as mutual funds and insurance companies possess approximately 15%.

In 2024, PB Fintech logged a 37% increase in premium to ₹15,875 Crore. The company made a profit in FY24 and boosted revenue by 34% to ₹3,438 Crore.

Policybazaar is the company’s online platform for buying and selling insurance products such as health, term, auto, and travel insurance; savings and investment products; and B2B options for consumers and insurance partners.

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Related Tags

  • PB Fintech
  • Policybazaar
  • Policybazaar News
  • Policybazaar Parent
  • Policybazaar Updates
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