Tencent, Chinese tech giant has offloaded a 1.05% stake in PB Fintech, the parent company of PolicyBazaar for Rs 805.45 crore or approximately $85 million through block deal on the National Stock Exchange (NSE).
According to exchange data, Tencent through its Tencent Cloud Europe BV has sold 48.4 lakh shares at Rs 1,664 per share. Earlier this year in March, Tencent, through the same entity, had also sold a 1.06% stake for Rs 695 crore.
Several institutional investors participated in the block deal. Morgan Stanley was the largest buyer, which acquired 21.4 lakh shares worth Rs 356.2 crore while Societe Generale bought 10.76 lakh shares valued at 179 crore. Ghisallo Master Fund LP also bought 7,93,00 shares around Rs 132 crore.
Domestic institutional investors also participated in the block deal, with HDFC Mutual Fund and Tata AIA Life Insurance acquiring shares worth Rs 83.2 crore and Rs 55 crore, respectively.
As of March 31, 2026, Tencent held around 7.52% stake in PB Fintech through two entities - Tencent Cloud Europe B.V. and Macritchie Investments Pte Ltd. Following the transaction, it has fully exited through the Tencent Cloud Europe B.V. entity.
On the financial front, PB Fintech reported a 37% year-on-year rise in operating revenue to Rs 2,061 crore, while its profit increased 54% to Rs 261 crore during the quarter.
At the end of Friday's trading session, shares of PB Fintech closed at Rs 1,647.9, taking its total market capitalization to Rs 76,247 crore (about $8 billion).