The parent firm of online insurance broker Policybazaar said that SoftBank is all set to sell half of its 10 per cent stake in PB Fintech on Friday.
SoftBank's offloaded stake would be worth 1,000 crore. A CNBC Awaaz report said that the base price for the block deal involving 2.28 crore shares is Rs 440 per share. Citi is reported to be the broker.
SoftBank is holding a 10 per cent stake in Policybazaar. After the block deal on Friday, SoftBank will have 5 per cent of the remaining stake in the new age tech firm.
According to the report, the block deal is most likely to have a 5 percent discount on PB Fintech's closing price as of December 1. The stock was trading at 461.55 apiece on the BSE, a 2.05 per cent increase from the previous close.
SoftBank invested around $199 million in the insurance aggregation and sold shares worth $250 million in its IPO last year, the report said.
PB Fintech's consolidated loss in September narrowed to Rs 186.63 crore from Rs 204.44 crore loss in the same quarter last year. The growth was led by strong growth in insurance premiums, credit disbursal and operating revenue.
The corresponding quarter last year, Policybazaar's revenue increased to Rs 573.47 crore from Rs 279.58 crore.