Chinese technology behemoth Tencent on Friday offloaded a 2.09% stake in Gurugram-based financial services company PB Fintech for Rs 562 crore through bulk deals, data from BSE stated.<\/p>\n
Tencent sold the shares for Rs 596.6 a piece, roughly 39% below PB Fintech\u2019s IPO price of Rs 980. As per the latest transaction, Tencent’s shareholding in PB Fintech has reduced to 6.28% from 8.37% (as of March 2023).<\/p>\n
Alternately, French financial services major Societe Generale has bought a 0.5% stake in the fintech, data from the exchanges showed. Societe Generale has bought 2.2 million shares for Rs 596.3 apiece. <\/p>\n
Tencent first invested in the company in 2019 as a part of its secondary round, valuing the insurance aggregator at roughly $1.5 billion. It had bought a 10% stake in Policybazaar, almost half of Tiger Global\u2019s stake in the company. <\/p>\n
This comes months after Softbank sold a 5.1% stake in PB Fintech for Rs 1,043 crore through open market transactions.<\/p>\n
Shares of PB Fintech closed at Rs 604.85 apiece on Friday, down almost 3% in the day\u2019s trade. <\/p>\n
Earlier this week, PB Fintech announced its financial results and reported a significantly narrower net loss for the fourth quarter at Rs 9 crore compared with Rs 220 crore a year earlier. Operating revenue for the March quarter grew 61% from a year ago to Rs 869 crore, the company said.<\/p>\n
While the group\u2019s existing business lines including Policybazaar and Paisabazaar contributed Rs 504 crore to the revenue, the rest came from new initiatives. The new initiatives include PB Partners, a platform to enable independent insurance sellers, and operations in the UAE.<\/p>\n
The company said that it was looking to clock a profit after tax (net profit) in FY24. Even Paisabazaar cofounder and chief executive in a recent interaction with ET said that the credit distributor was looking to record net profits in FY24.<\/p>\n","protected":false},"excerpt":{"rendered":"
Chinese technology behemoth Tencent on Friday offloaded a 2.09% stake in Gurugram-based financial services company PB Fintech for Rs 562 crore through bulk deals, data from BSE stated. Tencent sold the shares for Rs 596.6 a piece, roughly 39% below PB Fintech\u2019s IPO price of Rs 980. As per the latest transaction, Tencent’s shareholding in PB Fintech has reduced to 6.28% from 8.37% (as of March 2023). Alternately, French financial services major Societe Generale has bought a 0.5% stake in the fintech, data from the exchanges showed. Societe Generale has bought 2.2 million shares for Rs 596.3 apiece. Tencent first […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-800175","post","type-post","status-publish","format-standard","hentry","category-it-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=800175"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800175\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=800175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=800175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=800175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}