Tencent has made a significant move by selling its 2.1% stake in PB Fintech, the parent company of Policybazaar, for a whopping Rs 1,668 crore. This transaction has seen key players like SBI Mutual Fund and Société Générale picking up shares. Keep reading to find out how this sale impacts the Market dynamics and what it means for both Tencent and PB Fintech’s future. Get all the details in our latest company news update.
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Shares of PB Fintech fell 0.71 per cent to close at Rs 1,724.85 per scrip on the BSE. | Photo: Reuters
Chinese conglomerate Tencent on Thursday sold a 2.1 per cent stake in PB Fintech, the parent company of Policybazaar, for Rs 1,668 crore via open Market transactions, while SBI Mutual Fund (MF) and Societe Generale (SocGen) picked up stake in the company.
Tencent Cloud Europe BV, an affiliate of Shenzhen-based technology multinational Tencent, offloaded 97 lakh shares in 15 tranches, amounting to a 2.13 per cent stake in PB Fintech, as per the block deal data available on the BSE.
The shares were disposed of at an average price of Rs 1,719.75 apiece, taking the transaction value to Rs 1,668.15 crore.
After the share sale, Tencent’s shareholding in PB Fintech has declined to 2.13 per cent from 4.26 per cent.
Meanwhile, SBI MF, Axis MF, Mirae Asset MF, ICICI Prudential Life Insurance, HDFC Life Insurance, Europacific Growth Fund, Goldman Sachs Singapore, Copthall Mauritius Investment, Ghisallo Master Fund LP, SocGen, and British hedge fund Marshall Wace were among the buyers of PB Fintech’s shares.
Shares of PB Fintech fell 0.71 per cent to close at Rs 1,724.85 per scrip on the BSE.
PB Fintech operates online insurance platform Policybazaar and credit comparison portal Paisabazaar. Both platforms address large and highly underpenetrated online insurance and lending markets.
In June this year, Tencent sold shares of PB Fintech for Rs 415 crore. Prior to that, Tencent offloaded a 1.2 per cent stake in the company for Rs 664 crore in May.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 29 2024 | 11:18 PM IST
Q1: What is the news about Tencent and PB Fintech?
A1: Tencent has sold a 2.1% stake in PB Fintech for Rs 1,668 crore.
Q2: Who bought the stakes from Tencent in PB Fintech?
A2: SBI Mutual Fund and SocGen (Société Générale) bought the stakes from Tencent.
Q3: How much did Tencent’s 2.1% stake in PB Fintech cost when sold?
A3: Tencent’s 2.1% stake in PB Fintech was sold for Rs 1,668 crore.
Q4: What companies are involved in this transaction?
A4: The companies involved are Tencent, PB Fintech, SBI Mutual Fund, and SocGen.
Q5: What is PB Fintech?
A5: PB Fintech is a firm known for its financial technology services.
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