Tiger Global offloads nearly 3% stakes in PB Fintech worth Rs 522 crore

Tiger Global Management on Monday offloaded shares of Policybazaar's parent firm PB Fintech for Rs 522 crore through open market transactions.

PB Fintech operates online insurance platform Policybazaar and credit comparison portal Paisabazaar.

According to the bulk deal data available with the National Stock Exchange (NSE), funds managed by Tiger Global -- Tiger Global Eight Holdings and Internet Fund III Pte -- sold a total of 1,34,17,607 shares, amounting to 2.98 per cent stake in the company.

The shares were disposed of at an average price of Rs 389.38-Rs 389.44 apiece, taking the transaction value to Rs 522.50 crore.

Meanwhile, WF Asian Reconnaissance Fund acquired 50 lakh shares of the company.

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Last week, Tiger Global Management divested 3.5 per cent stake in PB Fintech.

As of quarter ended September, Tiger Global through its fund Tiger Global Eight Holdings owned 4.23 per cent and through Internet Fund III Pte held 2.87 per cent stake in the company, shareholding data showed with the bourse.

On Monday, shares of PB Fintech closed 3.06 per cent lower at Rs 387.10 on NSE.