Tencent: Tencent sells 2% stake in PB Fintech for Rs 562 crore

Chinese tech giant tencent Friday sold a 2.09% stake in a financial services company based in Gurugram. PB Fintech by Rs 562 crore through wholesale deals, BSE data said.

Tencent sold shares at Rs 596.6 a share, about 39% below PB Fintech’s IPO price of Rs 980. According to the latest deal, Tencent’s stake in PB Fintech decreased to 6.28% from 8.37% (as of March 2023).

Alternatively, a French financial company Societe Generale bought a 0.5% stake in fintech, exchange data showed. Societe Generale bought 2.2 million shares at Rs 596.3 each.

Tencent first invested in the company in 2019 in a secondary round, valuing insurance aggregator worth approximately $1.5 billion. He bought a 10% stake in Policybazaar, almost half of Tiger Global’s stake in the company.

This happens months later. Softbank sold 5.1% stake in PB Fintech Rs 1,043 crore through open market transactions.

PB Fintech shares closed on Friday at Rs 604.85 a share, down nearly 3% on the day.

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Earlier this week, PB Fintech Announces Financial Results and reported a significantly narrower fourth-quarter net loss of Rs 9 crore compared to Rs 220 crore a year earlier. Operating revenue for the March quarter rose 61% year-over-year to Rs 869 crore, the company said. While the group’s existing businesses, including Policybazaar and Paisabazaar, generated Rs 504 crore in revenue, the rest came from new initiatives. . New initiatives include PB Partners, a platform for independent insurance merchants, and operations in the UAE.

The company said it expects to post income after tax (net income) in fiscal year 24. Even the co-founder and chief executive of Paisabazaar, in a recent conversation with ET, said that the credit distributor expects to make a net profit in fiscal year 24.

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