Tencent To Offload 2.1% Stake In PB Fintech For INR 1,610 Cr

Share via:


SUMMARY

Tencent is looking to sell the shares at INR 1,660.2 apiece, a discount of more than 4% to the stock’s last close of INR 1,737.1 on the BSE on August 28

This comes three months after PB Fintech’s chairman and CEO Yashish Dahiya and vice chairman Alok Bansal together offloaded 83.7 Lakh shares for INR 1,109 Cr

Shares of PB Fintech have surged 115% on a year-to-date basis and are up more than 129% in the past 12 months

Chinese tech giant Tencent reportedly plans to offload 2.1% stake in insurtech major PB Fintech in a block deal pegged at over INR 1,610 Cr.

As per ET Now, Tencent will likely sell the shares at INR 1,660.2 apiece, a discount of more than 4% compared to the stock’s last close of INR 1,737.1 on the BSE on Wednesday (August 28).

As per the BSE data, the tech major held a 4.26% stake, or 1.94 Cr shares, in the insurtech major at the end of June 2024 via its subsidiary Tencent Cloud Europe BV. 

With this, Tencent will become the latest major investor to offload stake in PB Fintech. In May, the company’s chairman and CEO Yashish Dahiya and vice chairman Alok Bansal together sold more than 83.7 Lakh shares for INR 1,109 Cr

The latest development comes at a time when the shares of PB Fintech are soaring high. The stock rose to a 52-week high of INR 1,849 during intraday trade on August 26. 

The company’s shares have surged 115% on a year-to-date (YTD) basis and are up more than 129% in the past 12 months. 

This uptick has largely come on the back of PB Fintech reporting its third consecutive profitable quarter in the first quarter (Q1) of the financial year 2024-25 (FY25).

The startup clocked a consolidated net profit of INR 59.98 Cr in the June quarter as against a loss of INR 11.9 Cr in the year-ago quarter. Operating revenue jumped 51.8% year-on-year (YoY) to INR 1,010.5 Cr during the quarter. 

Shares of the company closed 2.09% lower at INR 1,737.10 on the BSE on Wednesday. 





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Tencent To Offload 2.1% Stake In PB Fintech For INR 1,610 Cr


SUMMARY

Tencent is looking to sell the shares at INR 1,660.2 apiece, a discount of more than 4% to the stock’s last close of INR 1,737.1 on the BSE on August 28

This comes three months after PB Fintech’s chairman and CEO Yashish Dahiya and vice chairman Alok Bansal together offloaded 83.7 Lakh shares for INR 1,109 Cr

Shares of PB Fintech have surged 115% on a year-to-date basis and are up more than 129% in the past 12 months

Chinese tech giant Tencent reportedly plans to offload 2.1% stake in insurtech major PB Fintech in a block deal pegged at over INR 1,610 Cr.

As per ET Now, Tencent will likely sell the shares at INR 1,660.2 apiece, a discount of more than 4% compared to the stock’s last close of INR 1,737.1 on the BSE on Wednesday (August 28).

As per the BSE data, the tech major held a 4.26% stake, or 1.94 Cr shares, in the insurtech major at the end of June 2024 via its subsidiary Tencent Cloud Europe BV. 

With this, Tencent will become the latest major investor to offload stake in PB Fintech. In May, the company’s chairman and CEO Yashish Dahiya and vice chairman Alok Bansal together sold more than 83.7 Lakh shares for INR 1,109 Cr

The latest development comes at a time when the shares of PB Fintech are soaring high. The stock rose to a 52-week high of INR 1,849 during intraday trade on August 26. 

The company’s shares have surged 115% on a year-to-date (YTD) basis and are up more than 129% in the past 12 months. 

This uptick has largely come on the back of PB Fintech reporting its third consecutive profitable quarter in the first quarter (Q1) of the financial year 2024-25 (FY25).

The startup clocked a consolidated net profit of INR 59.98 Cr in the June quarter as against a loss of INR 11.9 Cr in the year-ago quarter. Operating revenue jumped 51.8% year-on-year (YoY) to INR 1,010.5 Cr during the quarter. 

Shares of the company closed 2.09% lower at INR 1,737.10 on the BSE on Wednesday. 





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Meta hit with $840 million fine for linking Facebook...

In a statement, the EU’s competition head Margrethe...

Indian flying taxi startup secures $14m series B

The ePlane Company is aiming for a full-scale...

FBI tokens, AI tokens and crypto wash trades: Crypto...

Did the FBI token infringe copyright rules? Who...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!