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.
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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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