Friday, December 2, 2022
HomeInsurance LawSoftBank to dump 5% stake in Policybazaar mother or father PB Fintech

SoftBank to dump 5% stake in Policybazaar mother or father PB Fintech

Japanese conglomerate SoftBank Group is seeking to divest a 5% holding price INR10bn in PB Fintech , the mother or father of Indian on-line insurance coverage aggregator Policybazaar.

This can be carried out via a block deal, with a base worth of INR440 a share.

Citi is the sole dealer to the transaction, reported Reuters.

SoftBank holds a stake of over 10% in credit score comparability portal PB Fintech by way of its two items.

The shares can be bought by one in every of these items, SVF India Holdings, in keeping with a CNBC-TV18 tweet.

This information was not confirmed by both SoftBank or PB Fintech.

Along with SoftBank, PB Fintech is backed by Data Edge, Premji Make investments , Temasek, Ribbit Capital, Steadview, Chiratae, Inventus Capital Companions , True North, Tiger World , and Wellington.

Final yr in June, Policybazaar secured the regulatory clearance to function as an insurance coverage dealer in India. 

This enables the agency to supply claims help, offline companies, and set up factors of presence community. 

In August final yr, Policybazaar filed its draft crimson herring prospectus for its preliminary public providing (IPO).

Earlier in 2021, personal fairness agency True North bought a portion of its stake in Policybazaar to 5 unbiased patrons.

The patrons have been Ashoka India Fairness Funding Belief , Triumph World Holdings, Serum Institute of India  (SII ), IIFL Particular Alternatives Fund Sequence 8 and India Acorn Fund.



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