Tiger Global Management on Friday divested 3.5% stake in Policybazar's parent firm PB Fintech for nearly Rs 606 crore through open market transactions.
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% stake in the company, as per bulk deal data available with the National Stock Exchange and BSE.
The shares were disposed of at an average price of Rs 374.09-388.34 apiece, taking the transaction value to Rs 605.86 crore.
However, buyers of the shares could not be ascertained.
As of quarter ended September, Tiger Global through its fund Tiger Global Eight Holdings owned 4.23% and Internet Fund III held 2.87% stake in the company, shareholding data showed with the exchanges.
On Friday, shares of PB Fintech closed 6.95% higher at Rs 399.90 on NSE and Rs 399.30 on BSE.
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