Tencent Cloud Europe offloads 2 pc stake in PB Fintech for Rs 562 cr

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Tencent Cloud Europe BV on Friday divested more than 2 per cent stake in parent company PB Fintech to Policybazaar for Rs 562 crore through an open market deal.

According to bulk deal data available with BSE, Tencent Cloud Europe BV has sold 94,16,250 shares, equivalent to 2.09 percent of its stake in the company.

The shares were disposed of at an average price of Rs 596.66 apiece, taking the transaction value to Rs 561.82 crore.

According to the latest deal, Tencent’s ownership decreased to 6.28 percent from 8.37 percent (as of March 2023) in PB Fintech.

On Friday, shares of PB Fintech fell by 2.85 percent to close at 604.65 rupees apiece on the Bahrain Stock Exchange.

(Only the title and image for this report may have been reworked by the Business Standard team; the rest of the content is generated automatically from a shared feed.)

First published: May 26, 2023 | 10:10 p.m ist