SoftBank plans to sell 5% stake in India's PB Fintech via block deal - report

SoftBank Corp's logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon

BENGALURU, Dec 1 (Reuters) - SoftBank Group (9984.T) plans to sell a 5% stake in India's PB Fintech Ltd (PBFI.NS), the parent of online insurance aggregator Policybazaar, through a block deal, local media channel CNBC-TV18 reported on Thursday, citing sources.

The block deal on Friday could be at a base price of 440 rupees per share, CNBC-TV18 said in a tweet. PB Fintech's shares closed at 461 rupees on Thursday.

SoftBank declined to comment, while PB Fintech did not immediately respond to a Reuters request for comment.

Japanese conglomerate SoftBank owns a more than 10% stake in PB Fintech through two of its units, according to exchange data.

One of the units, SVF India Holdings, will likely sell the shares, the CNBC-TV18 tweet said.

Reporting by Rama Venkat in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.