China’s Tencent offloads 2% stake in PB Fintech

Tencent Cloud Europe BV on Friday offloaded over 2% shares of Policybazaar’s parent firm PB Fintech for Rs 562 crore through an open market transaction.

According to the bulk deal data available with the BSE, Tencent Cloud Europe BV sold 94,16,250 shares, amounting to a 2.09% stake in the firm.

The shares were disposed of at an average price of Rs 596.66 apiece, taking the transaction value to Rs 561.82 crore.

As per the latest transaction, Tencent’s shareholding has reduced to 6.28% from 8.37% (as of March 2023) equity in PB Fintech.

On Friday, shares of PB Fintech fell 2.85% to close at Rs 604.65 per piece on the BSE. PTI