SoftBank waves goodbye to PB Fintech, bags Rs 913.7 Crore

SoftBank, through a fund named SVF Python II Cayman Ltd., has sold a 2.5% stake in PB Fintech Ltd., the parent company of Paisabazaar, for Rs 913.75 crore. This total equates to the sale of roughly 1.14 crore shares at Rs 800.05 per share, according to data available on the BSE. The sale came during open market transactions on December 15, reducing the fund’s shareholding in PB Fintech from 4.39% to now around 1.89%.

The Paisabazaar Marketing and Consulting Pvt. company was subject to an enquiry by income tax officials on December 13 and 14. The enquiry related to some of Paisabazaar’s vendors. Paisabazaar assures it has provided all necessary information to the officials and will continue to do so. However, it ensured that the enquiry has not affected their operations, and they continue to operate as usual. This information was revealed in an exchange filing.

PB Fintech reported a 2.31% decrease in the value of its shares on the day of the transactions, closing at Rs 789.45 per share. In contrast, the benchmark BSE Sensex saw a 1.37% rise. The sale of such significant shares by a major investor like SoftBank may have contributed to PB Fintech’s reduced share prices despite the market’s overall positive performance.

SoftBank’s decision to reduce its stake in PB Fintech is noteworthy as it indicates a change in its investment strategy. The reasons behind this divestment, however, have not been clarified. This sale is also significant for PB Fintech as it might lead to changes in terms of its future strategies and operations.