1 hour ago
A Temasek-owned investment arm is set to sell a 2.6% stake in PB Fintech, the parent of Policybazaar and Paisabazaar, through a block deal worth about ₹1,908 crore. The shares are being offered at a 4.6% discount to the previous closing price, with details of the buyers expected later through exchange filings.
1 Min Read
A block deal was launched in PB Fintech, the parent company of Policybazaar and Paisabazaar, on Thursday, July 2.
MacRitchie Investments, an arm of Temasek, is likely to sell 1.19 crore shares, representing a 2.6% stake in the company, through the transaction.
The deal is valued at around ₹1,908 crore, with the floor price set at ₹1,604 per share, a discount of about 4.6% to Thursday's closing price.
Under the terms of the transaction, the seller will be subject to a 60-day lock-in period after the completion of the block deal, restricting any further sale of shares during that period.
The identities of the buyers are not yet known and are expected to be disclosed through stock exchange filings later in the day.
PB Fintech, which operates online insurance platform Policybazaar and lending marketplace Paisabazaar, is one of India's leading digital financial services companies. Large block deals in the stock are closely tracked by investors as they can influence trading sentiment and reflect the investment decisions of major institutional shareholders.
The company's shares have been in focus in recent months amid continued investor interest in India's online insurance and financial services distribution sector.
