PB Fintech shares gain 5% after Rs 428-crore stake sold in large deal

Shares of Policybazaar-parent PB Fintech surged over 5 percent in opening trade after a large deal worth Rs 428.10 crore took place on the exchanges on June 6.

Around 33 lakh shares, or a 0.73 percent stake in the company, changed hands in a large deal. The transaction was executed at an average of Rs 1,297 per share, marking a slight premium from the stock’s previous close of Rs 1,293.35.

Moneycontrol could not immediately identify the buyers and sellers involved in the transaction.

At 09:31 am, shares of PB Fintech were trading at Rs 1,302, sharply off their day’s high of Rs 1,360.50 on the NSE.

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The large deal in PB Fintech follows two other major stake sales in the company that were executed last month. Firstly, two of PB Fintech’s top executives, Chairman Yashish Dahiya and Vice-Chairman Alok Bansal, sold 83.7 lakh shares, making up a 1.86 percent stake in the company, through two block deals.

After that, Tencent Cloud Europe also offloaded a 1.2 percent stake in the company, earning Rs 677 crore.

Over the past year, notable marquee names such as SoftBank, Tencent, Temasek Holdings, and BNP Paribas have offloaded their holdings in the Policybazaar parent in order to capitalize on the sharp run-up in the stock’s value. PB Fintech shares have more than doubled in value over the past year.

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