Softbank halves stake in Policy Bazaar parent, mops up Rs 1,043 crore

Sells 22.84 million shares, or 5.08% stake, at Rs 456.4 apiece; 30 institutional investors among buyers

SoftBank Vision Fund (SVF) on Friday halved its stake in PB Fintech, the company that operates online insurance aggregator Policy Bazaar.

The global tech investor sold 22.84 million (5.08 per cent stake) at Rs 456.4 apiece to mop up Rs 1,042.5 crore.

Over 30 institutional investors were among the buyers, with Morgan Stanley, Nippon India Mutual Fund and Societe Generale picking up shares worth more than Rs 100 crore each.

Shares of PB Fintech rose 4.7 per cent to finish at Rs 483. Following the share sale, Softbank’s stake in PB Fintech has declined to 5.08 per