SoftBank may sell a 5% stake in Policybazaar (Promoter company PB Fintech), the parent company of Policybazaar, through a block deal in Dec. 2.
The quota to be withdrawn will cost Rs 1,000 crore, according to the report.
The base price of the block deal is Rs 440 per share, the report adds.
Currently, SoftBank owns up to 10% in Policybazaar. Therefore, after the deal, SoftBank will have a 5% stake in the company.
The block agreement, according to the report, is expected to be reduced by 5% from the closing price of December 1.
The stock ended at Rs 461.55 on the BSE, up 2.05% from the previous close.
Citi was the only broker in the deal, the report said.
SoftBank invested about $199 million in Policybazaar and sold $250 million in stock in its IPO last year.
He got 2.5X multiple on his investment in total insurance and 38% in rate of return. For the quarter of September 2022, PB Fintech said its consolidated loss amounted to Rs 186.63 crore from a loss of Rs 204.44 crore in the previous quarter.
Growth was driven by strong growth in insurance premiums, credit payments and operating income.
The company said its operating income for the period rose 105.11% to Rs 573.47 crore from Rs 279.58 crore in the corresponding quarter last year.
PB Fintech made its stock market debut in November last year.