For just under Rs 606 crore, Tiger Global sells its 3.5% interest in PB Fintech.
- ByStartupStory | November 14, 2022
Tiger Global Management sold a 3.5% stake in PB Fintech, the parent company of Policybazar, on Friday for just under Rs 606 crore through open market transactions.
According to bulk deal data available with the National Stock Exchange (NSE) and BSE, funds controlled by Tiger Global—Tiger Global Eight Holdings and Internet Fund III Pte.—sold a total of 1,605,624 shares, equaling 3.57 percent of the firm. The shares were sold at a price ranging from Rs. 374.09 to Rs. 388.34 on average, bringing the total transaction value to Rs. 605.86 crore.
However, it was unable to identify the buyer(s) of the shares.According to shareholding information filed with the exchanges, as of the quarter that ended in September, Tiger Global, through its fund Tiger Global Eight Holdings, owned 4.23 percent of the company, and Internet Fund III held 2.87 percent. Shares of PB Fintech ended the trading day on Friday 6.95 percent higher at Rs. 399.90 on the NSE and Rs. 399.30 on the BSE.
About Tiger Global Management:
Tiger Global Management is a global investment company.
Tiger Global strives to provide its investors with excellent long-term risk-adjusted returns. The company’s fundamentally driven investments are predominantly concentrated in the international Internet, technology, telecom, media consumer, and industrial sectors. Growth-oriented private enterprises are the goal of the private equity strategy, which has a ten-year investment horizon. Deep due diligence on specific companies and long-term secular themes are prioritized in public equity activities.
Tiger Global places a high value on teamwork, integrity, intellectual honesty, continuous improvement, process over outcome, and long-term planning as a company.
With its headquarters in New York and subsidiary offices in Bangalore, Melbourne, Singapore, Bangalore, and Hong Kong, Tiger Global Management was established in 2001.
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