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SoftBank likely to sell shares worth up to $105 million in PB Fintech - report

Reuters
Updated ·1 min read
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo

BENGALURU (Reuters) - SoftBank Group is likely to sell shares worth up to $105 million in India's PB Fintech via block deals, CNBC-TV18 reported on Thursday, citing sources.

The indicative price for the block deals is likely in the range of 752 Indian rupees to 767 rupees per share, CNBC-TV18 said.

Shares of PB Fintech, parent of online insurance aggregation platform PolicyBazaar, closed at 767 rupees on Thursday.

SoftBank may sell a 2.54% stake in PB Fintech at a discount of up to 2%, CNBC-TV18 reported.

PB Fintech and SoftBank did not immediately respond to Reuters requests for comment.

As of June 2023, SoftBank holds a 4.39% stake in the company through its venture capital fund, according to exchange data.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Shounak Dasgupta)