Japanese multinational investment firm Softbank Group sold further stake in PB Fintech through the open market on Friday, taking home a profit of Rs 914 crore.
Softbank, through its affiliate Svf Python Ii Cayman, sold 1,14,21,212 shares or 2.5% stake of the company at Rs 800.05 a share, block deals data showed.
This is the second sale in two months, and this time the investment major accrued a higher profit, thanks to the rally in the market.
In October, Softbank had sold 2.5% stake in the owner of Policybazaar for Rs 871 crore.
Since the sale in October, shares of PB Fintech have appreciated more than 11% and scaled a 52-week earlier this month. Year-to-date, the stock has rallied more than 76%.
On Friday, shares of PB Fintech ended 2.4% down at Rs 789.35 on the National Stock Exchange.
Several foreign portfolio investors bought shares of the company through separate block deals on Friday.
China Investment Corporation, Smallcap World Fund, Goldman Sachs, American Funds Insurance, Nomura, Societe Generale, Hartford International Equity Fund, Wellington Management Co are some of the institutions that purchased shares of PB Fintech.
Among domestic institutional investors, Mirae Asset Mutual Fund, HDFC Mutual Fund, ICICI Prudential Life Insurance bought a stake in the company.
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