PB Fintech sees Rs 677 cr block deal after Tencent Cloud Europe sells stake

Around 55 lakh shares, representing an 1.2 percent stake in Policybazaar parent PB Fintech changed hands in a block deal on May 28. The transaction, done at an average price of Rs 1,228 apiece was worth a total of Rs 677 crore.

Moneycontrol could not immediately identify the parties involved in the transaction. However, CNBC-TV18 reported earlier today, citing sources, that Tencent Cloud Europe was looking to offload 1.2 percent stake in the company in order to earn $78.3 million.

As per PB Fintech‘s March shareholding data, Tencent Cloud Europe held a 6.26 percent stake in the company.

(This is a developing story. Please come back for more.)