Tencent Cloud Europe BV, an affiliate of tech giant Tencent, recently offloaded 48.40 lakh equity shares of PB Fintech in a block deal, generating ₹694.65 crore from the sale. The shares were sold at ₹1,435.10 per share, reducing Tencent’s stake in PB Fintech from 2.12% to 1.06%. Following this transaction, several institutional investors, including Goldman Sachs, Societe Generale, and Viridian Asset Management, acquired shares of PB Fintech.
Tencent initially invested in PB Fintech in 2019, purchasing a minority stake in the company. Over the years, Tencent has gradually reduced its stake in PB Fintech through various transactions, with the recent sale being part of this divestment strategy.
This move by Tencent to sell its PB Fintech shares comes amidst a challenging period for the company’s stock performance, which has seen a year-to-date decline of approximately 21%. The market’s reaction to Tencent’s divestment and the subsequent acquisition of PB Fintech shares by other investors signals ongoing shifts in ownership and investor sentiment within the fintech sector.
Source: Inc42 Media