 "Tiger Global sells 3.5% stake in PB Fintech for nearly Rs 606 crore")
Tiger Global Management on Friday divested 3.5 per cent stake in Policybazar's parent firm PB Fintech for nearly Rs 606 crore through open market transactions.
Funds managed by Tiger Global -- Tiger Global Eight Holdings and Internet Fund III Pte -- sold a total of 1,60,56,422 shares, amounting to 3.57 per cent stake in the company, as per bulk deal data available with the National Stock Exchange (NSE) and BSE.
The shares were disposed of at an average price of Rs 374.09-Rs 388.34 apiece, taking the transaction value to Rs 605.86 crore.
However, buyer(s) of the shares could not be ascertained.
As of quarter ended September, Tiger Global through its fund Tiger Global Eight Holdings owned 4.23 per cent and Internet Fund III held 2.87 per cent stake in the company, shareholding data showed with the exchanges.
On Friday, shares of PB Fintech closed 6.95 per cent higher at Rs 399.90 on NSE and Rs 399.30 on BSE.