PB Fintech rallies 6% amid bulk deal buzz

New Delhi: Shares of PB Fintech rallied as much as 6% in early trade on Friday, despite the buzz around a mega bulk deal by Japan's Softbank.

According to sources, the Japanese lender was looking to sell a 5% stake in Policybazaar's parent to raise about Rs 1,000 crore via block deals.

As per a Tweet from ETNow, around 2.3 crore shares or 5.1% equity of PB Fintech was traded on Monday in two block deals. However, ETmarkets.com could not verify the same.



According to NSE data National Stock Exchange (NSE), 61.19 lakh shares worth Rs 291.46 crore were traded as of 11.30 am. On BSE, 3.57 lakh shares amounting to Rs 17.07 crore exchanged hands, but block deal data is yet to come.

Following this, shares of PB Fintech jumped about 6% to Rs 488.90 on Friday and then gave up some gains.

Softbank had offered to sell up to 22 million shares at a base price of Rs 440, a discount of 4.3% to the stock's closing price of Rs 460 on the NSE on Thursday.

According to the shareholding pattern as of September 30, 2022, Softbank held over a 10% stake in the insurance aggregator platform, and post the sale, is likely to have around 5% stake in the company.

Citigroup is the sole book runner for the entire issue of PB Fintech, whose shares have lost more than 70% of their value from its 52-week high.