SoftBank’s SVF Python II Cayman Sells Rs 913.75 Crore Worth of Policybazaar Operator PB Fintech Shares
SoftBank’s entity, SVF Python II Cayman, offloaded 1,14,21,212 equity shares of PB Fintech on December 15 at Rs 800.05 per share, amounting to Rs 913.75 crore. Government Pension Fund and HDFC Mutual Fund also entered the fray, acquiring shares at the same price. Explore the details of this open market transaction and gain insights into PB Fintech’s recent financial performance.
In a significant move, SoftBank’s entity SVF Python II Cayman executed an open market transaction on December 15, selling 1,14,21,212 equity shares of PB Fintech at a price of Rs 800.05 per share. The transaction amounted to a substantial Rs 913.75 crore. Notably, this comes after SoftBank’s earlier stake sale in October, where it divested a 2.54 percent stake for Rs 871.2 crore.
Adding to the market dynamics, Government Pension Fund acquired 1.6 million shares of PB Fintech, while HDFC Mutual Fund secured 1.15 million shares, both at the same price of Rs 800.05 per share.
PB Fintech, the operator of Policybazaar, reported promising figures in its second quarterly results. The company’s losses reduced by an impressive 89 percent compared to the previous year, standing at Rs 21 crore. Meanwhile, its topline witnessed a substantial 42 percent year-on-year growth, reaching Rs 812 crore.
As of December 15, PB Fintech’s shares closed 2.15 percent lower at Rs 791. Despite this, the stock has exhibited remarkable resilience throughout the year, recording an impressive 75 percent rise in year-to-date terms.
Stay informed about the latest developments in the financial landscape with insights into SoftBank’s strategic moves and PB Fintech’s performance in the market.