SoftBank plans to sell 5% stake in India's PB Fintech via block deal - report

Reuters

1 December 2022 at 9:10 am·1-min read

FILE PHOTO: SoftBank Corp's logo is pictured at a news conference in Tokyo

BENGALURU (Reuters) - SoftBank Group plans to sell a 5% stake in India's PB Fintech Ltd, the parent of online insurance aggregator Policybazaar, through a block deal, local media channel CNBC-TV18 reported on Thursday, citing sources.

The block deal on Friday could be at a base price of 440 rupees per share, CNBC-TV18 said in a tweet. PB Fintech's shares closed at 461 rupees on Thursday.

SoftBank declined to comment, while PB Fintech did not immediately respond to a Reuters request for comment.

Japanese conglomerate SoftBank owns a more than 10% stake in PB Fintech through two of its units, according to exchange data.

One of the units, SVF India Holdings, will likely sell the shares, the CNBC-TV18 tweet said.

(Reporting by Rama Venkat in Bengaluru; Editing by Devika Syamnath)

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