Tencent Offloads 2.1% Stake in PB Fintech as Part of Fintech Deals

Wednesday, 28 August 2024, 09:47

Fintech communication ltd. news today reveals Tencent's strategic move to divest 2.1% of its stake in PB Fintech. With this sale, Tencent continues to reshape its fintech deals strategy while demonstrating a significant impact on the market dynamics. This transaction, involving 97 lakh shares at Rs 1,660.20 each, underscores the evolving landscape of fintech investments.
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Tencent Offloads 2.1% Stake in PB Fintech as Part of Fintech Deals

Tencent’s Stake Sale Overview

Tencent Cloud Europe BV is set to divest 2.1% stake in PB Fintech, the parent of Policybazaar, according to Bloomberg, which reviewed the term sheet. The company plans to sell 97 lakh shares at a floor price of Rs 1,660.20 per share, potentially at a 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.

Recent Fintech Deals and Market Impact

This planned stake sale comes on 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, involving the sale of 94.16 lakh shares at an average price of Rs 596.66.

Market Performance and Analyst Insights

Shares of PB Fintech closed 2.25% lower at Rs 1737.90, compared to a 0.14% advance in the NSE Nifty 50. The stock has seen a remarkable rise of 130.52% year-to-date and 118.7% over the past 12 months. Analyst data suggests a 14.5% downside for the stock, indicating potential market volatility.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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