SoftBank Group Corp. (TSE:9984) is likely to sell a 5% stake in PB Fintech Limited (NSEI:POLICYBZR) through a block deal on December 1, 2022, according to reports. Through the sale, Softbank aims to raise INR 10,000 million.

After the sale, it will hold a 5% stake in the online insurance aggregator. Softbank is likely to sell 2.2 crore shares in the block deal, and the base price for the same is INR 440, which is at a discount of 4.5% to November 30, 2022 closing price of INR 461. Existing stakeholders of various listed new-age technology companies have been looking at partially offloading their stake amid major erosion in the value of stocks.

In November, American investment major Tiger Global Management sold over 4% stake in PB Fintech.