PB Fintech's Top Execs Offload Stake For INR 1,109 Cr

PB Fintech Jumps 4% After CEO Proposes $100 Mn Investment For Healthcare Foray

SUMMARY

Dahiya sold 54 Lakh equity shares of PB Fintech while Bansal offloaded 29.7 Lakh shares via block deals

The duo executed the transactions at a price of INR 1,325.15 per share, a discount of 2.5% from the stock’s close of INR 1,359.70 on the BSE on May 17

Bansal held 75.38 Lakh shares, or a 1.67% stake in PB Fintech, at the end of the March quarter of 2024, while Dahiya held around 2.1 Cr shares, translating to a 4.63% stake

Update | May 18, 09:05 PM

Insurtech major PB Fintech’s chairman and chief executive officer Yashish Dahiya and vice chairman Alok Bansal on Friday (May 17) offloaded more than 83.7 Lakh shares in the company via open market transactions for INR 1,109 Cr.

While Dahiya sold 54 Lakh shares for INR 715 Cr, Bansal offloaded 29.7 Lakh shares for a consideration of INR 393.6 Cr. As per NSE data, the duo executed the transactions at a price of INR 1,325.15 per share, a discount of 2.5% from the stock’s close of INR 1,359.70 on the BSE on Friday.

The shares that flooded the market were lapped up by the likes of Societe Generale, Goldman Sachs, Ghisallo Mater Fund, Axis Mutual Fund, HDFC Mutual Fund, HSBC, Morgan Stanley and Marshall Wace, among others.

Original Story| May 16 , 07:13 PM

Top executives of PB Fintech – Yashish Dahiya and Alok Bansal – are planning to sell up to 83.7 Lakh shares in the company via block or bulk deals.

As per an exchange filing on Thursday (May 16), Dahiya, chairman and CEO of PB Fintech, intimated that he plans to sell up to 54 Lakh equity shares and Bansal, vice chairman and whole-time director, intimated about his intention to sell up to 29.7 Lakh shares.

As per a report, the offer size for stake sale would be around INR 1,053 Cr at a floor price of INR 1,258 per share.

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, the exchange filing noted.

“On a post-sale basis, Mr Yashish Dahiya will continue to have a 4.83% stake and Mr Alok Bansal will have a 1.63% stake in PB Fintech on a fully diluted basis,” the filing said, adding no further sale of shares is planned beyond at least for the next one year.

As per BSE data, Bansal held 75.38 Lakh shares, or a 1.67% stake in PB Fintech, at the end of the March quarter of 2024. On the other hand, Dahiya held around 2.1 Cr shares, translating to a 4.63% stake.

The development comes at a time when PB Fintech is witnessing a massive uptick in its share price. Its shares have surged almost 70% year to date.

On the back of its rising market capitalisation, PB Fintech has been added to the MSCI India Index in the May review. Its market cap crossed $7 Bn today.

The shares of PB Fintech also closed at INR 1,340.6, a level last seen in mid-November 2021, just after the company’s listing on the bourses.

PB Fintech’s profit jumped almost 62% quarter on quarter to INR 60.2 Cr in Q4 FY24. The company continues to witness sharp growth across its business segments.

Earlier this year, another new-age company, RateGain saw founder Bhanu Chopra’s family members offload 3% stake in the traveltech startup.