Softbank sells 2.54% stake in PB Fintech
Shares of PB Fintech closed at Rs 762.1, down 0.7 per cent over its previous day’s close. At the end of June 2023 quarter, SVF held 4.4 per cent stake in the company that owns insurance marketplace policybazaar.com.
PB Fintech had come out with a Rs 3,750-crore IPO in November 2021, where its shares were priced at Rs 980 apiece. Since then, its shares have been on a choppy ride, hitting a high of Rs 1,332 immediately post listing and then dropping to Rs 356.2 last year. This year, the stock has made a remarkable comeback having rallied nearly 70 per cent.
Godrej Industries shares up 20%
Shares of Godrej Industries shot up by 20 per cent on Friday following speculation that the two factions of the Godrej family have finalised the terms of separation. Other group companies shares were also up (see chart).
The talks among the family members, the Adi Godrej family and cousin Jamshyd Godrej to divide the $4.1 billion empire has been going on for the last five years. In 2021, both sides hired external consultants hired to help the valuation.
The talks are led by Pirojsha Godrej , son of group patriarch Adi Godrej and Jamshyd Godrej who is representing the other side. At the centre of the dispute is 3,400 acres in Vikhroli, a northeastern suburb of Mumbai. Of this, about 1,000 acres can be developed. Another 1,750 acres has mangroves and will not be developed because of environmental concerns, Adi Godrej had promised in 2011. Another 300 acres of land has been encroached upon.
The land parcel can be developed into real estate worth up to Rs 100,000 crore — taking into account the per square feet price in Godrej’s Vikhroli complex nearby. Both sides did not comment on the issue.
ABSL MF appoints Harish Krishnan as co-CIO and Head Equity