Tencent is looking to sell the shares at INR 1,660.2 apiece, a discount of more than 4% to the stock’s last close of INR 1,737.1 on the BSE on August 28
This comes three months after PB Fintech’s chairman and CEO Yashish Dahiya and vice chairman Alok Bansal together offloaded 83.7 Lakh shares for INR 1,109 Cr
Shares of PB Fintech have surged 115% on a year-to-date basis and are up more than 129% in the past 12 months
Chinese tech giant Tencent reportedly plans to offload 2.1% stake in insurtech major PB Fintech in a block deal pegged at over INR 1,610 Cr.
As per ET Now, Tencent will likely sell the shares at INR 1,660.2 apiece, a discount of more than 4% compared to the stock’s last close of INR 1,737.1 on the BSE on Wednesday (August 28).
As per the BSE data, the tech major held a 4.26% stake, or 1.94 Cr shares, in the insurtech major at the end of June 2024 via its subsidiary Tencent Cloud Europe BV.
With this, Tencent will become the latest major investor to offload stake in PB Fintech. In May, the company’s chairman and CEO Yashish Dahiya and vice chairman Alok Bansal together sold more than 83.7 Lakh shares for INR 1,109 Cr.
The latest development comes at a time when the shares of PB Fintech are soaring high. The stock rose to a 52-week high of INR 1,849 during intraday trade on August 26.
The company’s shares have surged 115% on a year-to-date (YTD) basis and are up more than 129% in the past 12 months.
This uptick has largely come on the back of PB Fintech reporting its third consecutive profitable quarter in the first quarter (Q1) of the financial year 2024-25 (FY25).
The startup clocked a consolidated net profit of INR 59.98 Cr in the June quarter as against a loss of INR 11.9 Cr in the year-ago quarter. Operating revenue jumped 51.8% year-on-year (YoY) to INR 1,010.5 Cr during the quarter.
Shares of the company closed 2.09% lower at INR 1,737.10 on the BSE on Wednesday.
