Tencent Cloud Europe BV, an affiliate of the Chinese tech giant Tencent, has recently sold a 0.73% stake in PB Fintech, the parent company of Policybazaar. The transaction, executed through an open market deal on the National Stock Exchange (NSE), saw Tencent offloading 33 lakh shares at an average price of Rs 1,259.71 per share, totaling a transaction value of Rs 416 crore. The buyers of these shares remain undisclosed at present.
This divestment has reduced Tencent’s ownership in PB Fintech by 5.5%, marking a significant shift in its holdings. Prior to this sale, Tencent held a 6.26% stake in PB Fintech as of March 2024.
It’s noteworthy that Tencent had previously divested a 2.1% stake in PB Fintech in May 2023 for Rs 562 crore, at a deal price of Rs 596.66 per share. Despite these divestments, PB Fintech’s stock has demonstrated remarkable growth, more than doubling since the last sale.
Currently, the shareholding pattern of PB Fintech indicates that 99.41% of the company is owned by the public. Foreign portfolio investors (FPIs) hold a significant 41.4% stake, while domestic institutional investors, including mutual funds and insurance companies, collectively hold about 15%. The remaining stake is held by company employees.
PB Fintech has exhibited robust financial performance in 2024, reporting a 37% increase in premiums amounting to Rs 15,875 crore. Additionally, the company achieved profitability in fiscal year 2024 (FY24), with revenue surging by 34% to Rs 3,438 crore.