SoftBank likely to sell shares worth up to $105 mln in PB Fintech - report (updated)

PB Fintech

05/10/2023 16:47

(Adds details on stake sale and background in paragraphs 2-6)
       BENGALURU, Oct 5 (Reuters) - SoftBank Group  9984.T  is
likely to sell shares worth up to $105 million in India's PB
Fintech  PBFI.NS  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)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam))