MacRitchie to sell up to $200 million stake in India's PB Fintech, term sheet shows
MacRitchie to sell up to $200 million stake in India's PB Fintech, term sheet shows By Yantoultra Ngui
SINGAPORE, July 2 (Reuters) - MacRitchie Investments plans to sell up to $200 million worth of shares in PB Fintech PBFI.NS, the Indian online insurance and lending marketplace that runs Policybazaar and Paisabazaar, according to a term sheet seen by Reuters on Thursday.
Here are more details from the sheet:
The sale would cover up to 11.9 million shares, or about 2.6% of PB Fintech's outstanding stock.
The floor price is 1,604 rupees a share, a 4.6% discount to PB Fintech's closing price of 1,682.10 rupees on Thursday.
The shares are expected to trade on July 3 and settle on July 6. MacRitchie will face a 60-day lock-up on its remaining stake.
LSEG data as of Thursday showed MacRitchie owns 6.48% or 29.9 million shares in PB Fintech. MacRitchie is a Singapore investment holding company linked to the city's state investment company Temasek.
(Reporting by Yantoultra Ngui. Editing by Mark Potter)
((Yantoultra.Ngui@thomsonreuters.com;))
Recent news on PB Fintech
See all newsBrief: PB FinTech Q2 Consol Net Profit 1.92 Billion Rupees
Macquarie turns bullish on Indian banks, upgrades Kotak, BoB, Paytm
India's big insurance overhaul will test demand
India's PB Fintech rebounds 4% as Macquarie sees limited life insurance impact
Street View: Insurance curbs cast long shadow on PB Fintech