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    Home»Fintech»PB Fintech Block Deals | Tencent Cloud Europe likely to sell 2.1% stake at ₹1,660.2 per share
    Fintech

    PB Fintech Block Deals | Tencent Cloud Europe likely to sell 2.1% stake at ₹1,660.2 per share

    August 28, 20242 Mins Read


    Tencent Cloud Europe BV is likely to offload a 2.1% stake, equating to approximately 9.7 million shares, in PolicyBazaar’s promoter PB Fintech Ltd through block deals, sources in the know told CNBC-TV18.

    The floor price for this transaction is set at ₹1,660.2 per share, which represents a 4.5% discount to the current market price, the sources said.

    The deal will be subject to a 60-day lock-in period for the seller, the sources added.

    Also Read: PB Fintech Q1 Results | Policybazaar parent swings to black, revenue jumps 52%
    PB Fintech reported a net profit of ₹60 crore for the first quarter that ended June 30, 2024. In the corresponding quarter, PB Fintech posted a net loss of ₹11.9 crore.

    The company’s revenue from operations jumped 51.8% to ₹1,010.5 crore against ₹665.6 crore in the year-ago period. At the operating level, adjusted EBITDA stood at ₹49 crore in the first quarter of this fiscal over ₹23 crore in the first quarter of the previous quarter.

    The adjusted EBITDA margin stood at 5% compared to 3% in the corresponding period of the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

    Also Read: PB Fintech to acquire 100% stake in Genesis Group, plans divestments in Visit Health and Visit Internet

    In the June quarter, PB Fintech reported a total insurance premium of ₹4,871 crore, driven by a 78% YoY growth in the new health and life insurance business. The new core online insurance premium increased by 66%.

    Shares of PB Fintech Ltd ended at ₹1,731.15, down by ₹43.10, or 2.43%, on the BSE.



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