Tencent sells PB Fintech's shares for Rs 415 crore

Chinese conglomerate Tencent on Thursday sold shares of PB Fintech, the parent company of Policybazaar, for Rs 415 crore through an open market transaction.

Shenzhen-based Tencent through its affiliate Tencent Cloud Europe BV offloaded the shares of PB Fintech on the National Stock Exchange (NSE).

According to the bulk deal data available with the NSE, Tencent Cloud Europe BV sold 33 lakh shares, amounting to a 0.73 per cent stake in PB Fintech.

The shares were disposed of at an average price of Rs 1,259.71 apiece, taking the transaction size to Rs 415.70 crore. Details of the buyers could not be ascertained.

Shares of PB Fintech fell 0.41 per cent to close at Rs 1,288 apiece on the NSE.

Last month, Tencent offloaded a 1.2 per cent stake in PB Fintech for Rs 664 crore.

PB Fintech operates online insurance platform Policybazaar and credit comparison portal Paisabazaar. 

Both platforms address large and highly underpenetrated online insurance and lending markets.