Latest News | Two Top PB Fintech Executives Sell 1.8 Pc Stake for Rs 1,109 Crore

New Delhi, May 17 (PTI) Two top officials of PB Fintech, the parent company of Policybazaar, divested a 1.8 per cent stake in the firm for Rs 1,109 crore through open market transactions.

PB Fintech operates the online insurance platform Policybazaar and the credit comparison portal Paisabazaar. Both platforms address large and highly underpenetrated online insurance and lending markets.

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According to the block deal data available on the National Stock Exchange (NSE), Yashish Dahiya offloaded 54 lakh equity shares or a 1.2 per cent stake in the firm.

Meanwhile, Alok Bansal sold 29.70 lakh shares representing a 0.65 per cent stake in the Gurugram-based firm.

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Shares were disposed of at an average price of Rs 1,325.15 apiece, taking the transaction value to Rs 1,109.23 crore.

In a regulatory filing on Thursday, PB Fintech said, "On a post-sale basis, Yashish Dahiya will continue to have a 4.83 per cent stake and Alok Bansal will have a 1.63 per cent stake in PB Fintech on a fully diluted basis".

"They are committed to the growth and success of the company. Substantial portions of the proceeds from the sale are proposed to be used to make the payment of taxes on current and future ESOP exercises.

"ESOPs are subject to payment of taxes on exercise in addition to the payment of capital gain tax on the sale of shares," the company said.

Meanwhile, the shares were picked up by a clutch of domestic mutual funds (MFs), insurance companies, and foreign investors.

The entities that purchased stake are HDFC Mutual Fund (MF), Axis MF, HDFC Standard Life Insurance, ICICI Prudential Life Insurance, Abu Dhabi Investment Authority, BNP Paribas Arbitrage, and Goldman Sachs Singapore.

Ghisallo Master Fund LP, IMF, Capital Group, London-based hedge fund Marshall Wace Investment, Morgan Stanley Asia Singapore, and Societe Generale also bought shares of PB Fintech.

Yashish Dahiya is the chief executive officer and chairman of PB Fintech, while Alok Bansal is the vice-chairman of the company. Dahiya and Bansal have co-founded Gurugram-based PB Fintech.

Shares of PB Fintech fell 1.51 per cent to close at Rs 1,318 apiece on the NSE.

In Jun 2022, Dahiya offloaded nearly 38 lakh shares of the company for Rs 230 crore.

In February 2022, Bansal divested over 28 lakh shares of the company for Rs 236 crore.

PB Fintech came out with its Rs 5,710-crore initial public offering (IPO) in November 2021. The company's co-founders and other shareholders had reduced their stake in the public issue.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)