PB Fintech shares fell more than 3% today following a major block deal. Around 55 lakh shares, representing a 1.2% stake in Policybazaar’s parent company, changed hands at an average price of ₹1,228 each. The total value of this transaction was ₹677 crore.
The parties involved in the deal have not been identified yet. However, earlier today CNBC-TV18 reported, citing sources, that Tencent Cloud Europe was looking to offload its 1.2% stake in the company to earn $78.3 million.
As of March, Tencent Cloud Europe held a 6.26% stake in PB Fintech. As of 9:53 am, PB Fintech shares were trading 3.10% lower at ₹1,213.40 on the NSE.
