Softbank pares 2.5% stake in PB Fintech for Rs 914 crore

18 Dec 2023 , 11:13 AM

Softbank Group, a Japanese multinational investment business, sold another 2.5% interest in PB Fintech on the open market on Friday, making a profit of Rs 914 crore.

Softbank sold 1,14,21,212 shares, or 2.5% of the firm, through its subsidiary Svf Python Ii Cayman for Rs 800.05 per share, according to block transactions data.

This is the investment firm’s second sale in two months, and this time the profit was bigger due to the market surge. Softbank sold a 2.5% share in Policybazaar’s owner for Rs 871 crore in October.

Since the sale in October, PB Fintech shares have increased by more than 11% and reached a 52-week high earlier this month. The stock has gained more than 76% year to date.

Some of the institutions that acquired shares in PB Fintech include China Investment Corporation, Smallcap World Fund, Goldman Sachs, American Funds Insurance, Nomura, Societe Generale, Hartford International Equity Fund, and Wellington Management Co.

At around 10.43 AM, PB Fintech was trading 0.25% higher at Rs 791.30, against the previous close of Rs 789.35 on NSE.

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