Tencent, the Chinese tech giant, has reportedly sold 97 lakh shares of insurtech major PB Fintech, through multiple open market transactions for Rs 1,668.1 crore. This is as per Inc42.
The shares were offloaded at Rs 1,719.75 a piece through multiple block deals.
Tencent, the Chinese tech giant, has reportedly sold 97 lakh shares of insurtech major PB Fintech, through multiple open market transactions for Rs 1,668.1 crore. This is as per Inc42.
The shares which swamped the market were happily snapped by Growth Fund, Verition Multistrategy Master Fund, Societe Generale, SBI Mutual Fund, Axis Mutual Fund, Goldman Sachs (Singapore) Pte, and Mirae Asset Mutual Fund, among others.
The development comes at a time when the shares of PB Fintech are soaring high. During the intraday trade on August 26, the company's stock soared to a 52-week high of Rs 1,849.
The shares were offloaded at Rs 1,719.75 a piece through multiple block deals.
The move sees Tencent as the latest major investor to sell its stakes in PB fintech. In May, the company's chairman and CEO Yashish Dahiya and vice chairman reportedly sold more than 83.7 lakh shares for Rs 1,109 crore.
Tencent reportedly held a 4.26% stake, or 1.94 crore shares, in PB fintech at the end of June 2024 via its subsidiary Tencent Cloud Europe BV.
The PB fintech's shares have surged 115% on a year-to-date (YTD) and are up more than 129% in the past 12 months.
This comes on the back of PB fintech reporting its third consecutive profitable quarter in the first quarter (Q1) of the financial year 2024-25.
PB fintech achieved a net profit of Rs 59.98 crore in the June quarter as against a loss of Rs 11.9 crore in the year-ago quarter.
The company's operating revenue soared to 51.8% year-on-year (YoY) to Rs 1,010.5 crore during the quarter.
Tencent Holdings Limited is a Chinese multinational conglomerate and holding company headquartered in Shenzhen. It is one of the world's largest company in the video game industry.
PB Fintech Ltd, popularly known as Policy Bazar is India's largest online platform for insurance through its flagship brands- Policybazaar and Paisabazaar.