Tencent sells 2.1% stake in PB Fintech for Rs 1,668 cr; SBI MF, SocGen pick

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Tencent sells 2.1% stake in PB Fintech for Rs 1,668 cr; SBI MF, SocGen pick - Business Standard

Quick Summary:

Chinese conglomerate Tencent on Thursday sold a 2.1 per cent stake in PB Fintech, the parent company of Policybazaar, for Rs 1,668 crore via open market transactions, while SBI Mutual Fund (MF) and Societe Generale (SocGen) picked up stake in the company.

Tencent Cloud Europe BV, an affiliate of Shenzhen-based technology multinational Tencent, offloaded 97 lakh shares in 15 tranches, amounting to a 2.13 per cent stake in PB Fintech, as per the block deal data available on the BSE.

After the share sale, Tencent's sharehdoling in PB Fintech has declined to 2.13 per cent from 4.26 per cent.