Tiger Global divests 3.5% stake in PB Fintech for nearly ₹606 crore

Tiger Global divests 3.5% stake in PB Fintech for nearly ₹606 crore

Tiger Global Management on 11 November said that it has divested 3.5 per cent stake in Policybazar’s parent firm PB Fintech for nearly 606 crore through open market transactions.

According to bulk deal data available with the National Stock Exchange (NSE) and BSE, 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.

ALSO READ: Tiger Global-backed Chargebee lays off 142 employees

Taking the transaction value to 605.86 crore, the shares were disposed of at an average price of 374.09- 388.34 apiece. However, buyer(s) of the shares could not be ascertained.

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 as of quarter ended September, shareholding data showed with the exchanges.

A week ago, Tiger Global-backed Chargebee – which operates a software-as-a-service (Saas) based subscription management platform – laid off around 10% of its workforce or 142 employees to tackle the macroeconomic challenges as well as reduce the debt it has accumulated in the last few years.  

The shares of PB Fintech closed 6.95 per cent higher at 399.90 on NSE and 399.30 on BSE on Friday.

With PTI inputs.

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