MacRitchie Investments plans to sell up to $200 million worth of shares in PB Fintech, the Indian online insurance and lending marketplace that runs Policybazaar and Paisabazaar, according to a term sheet seen by Reuters on Thursday.
Here are more details from the sheet:
- The sale would cover up to 11.9 million shares, or about 2.6% of PB Fintech’s outstanding stock.
- The floor price is 1,604 rupees a share, a 4.6% discount to PB Fintech’s closing price of 1,682.10 rupees on Thursday.
- The shares are expected to trade on July 3 and settle on July 6. MacRitchie will face a 60-day lock-up on its remaining stake.
- LSEG data as of Thursday showed MacRitchie owns 6.48% or 29.9 million shares in PB Fintech. MacRitchie is a Singapore investment holding company linked to the city’s state investment company Temasek.
