Tencent Cloud To Offload 2.1% Stake In PB Fintech
If executed, this will be the third time the Chinese conglomerate offloads stake its stake this year.
Tencent Cloud Europe BV is set to divest 2.1% stake in PB Fintech, the parent of Policybazaar, according to Bloomberg, which reviewed the terms sheet.
The company plans to sell 97 lakh shares at a floor price of Rs 1,660.20 per share, a potential 4.5% discount to PB Fintech's closing price on Wednesday. The move is expected to generate approximately $191.8 million in proceeds for Tencent reported Bloomberg.
The planned stake sale comes at the heels of previous divestments by Tencent in PB Fintech.
On June 6, the Chinese conglomerate sold 33 lakh shares, or a 0.73% stake in the company, for Rs 415 crore. The shares were sold at an average price of Rs 1,259.71 each through an open market transaction on the National Stock Exchange.
Earlier, on May 26, Tencent had disposed over 2% of its shares in Policybazaar's parent for Rs 562 crore. The bulk deal involved the sale of 94.16 lakh shares at an average price of Rs 596.66 per share.
Shares of the company closed 2.25% lower at Rs 1737.90 per share, compared to a 0.14% advance in the NSE Nifty 50. The stock has risen 130.52% year-to-date and 118.7% over the past 12 months. Analyst data suggests that the stock has a 14.5% downside, according to Bloomberg data.
