Yashish Dahiya, Chairman and CEO of PB Fintech, which operates online insurance broker Policybazaar and loan marketplace Paisabazaar, has revealed his plan to sell up to 3.77 million equity shares through open market.
The chairman intends to offload partial stake via bulks deals on the exchanges. He currently holds 24.52 million shares in the company.
The aggregate shareholding of Yashish Dahiya as on March 31, 2022, stood at 19 million (4.23 percent) and post exercise of 5.5 million ESOPs during May 2022 his aggregate shareholding increased to 24.5 million (5.45 percent).
As the ESOPs are subject to payment of taxes on exercise in addition to the payment of capital gain tax on the sale of shares, the proceeds from the sale of the 3.77 (37,69,471 shares) shares are proposed to be used to make the payment of current and future taxes, the company said in a exchange filing.
“Further, aggregate shareholding of Yashish Dahiya on account of exercise of 71,96,604 stock options, which will get vested and exercisable over a period of five years commencing from the grant date i.e. October 5, 2021, will increase to 2,80,92,982 (5.98%) on a fully diluted basis post the proposed sale,” the statement read.
“For avoidance of any doubt, there is no further sale of shares planned beyond these shares, at least for a year,” it added.
In November 2021, Gurugram-based PB Fintech came out with its Rs 5,710 crore initial public offering (IPO). The company’s co-founders and other shareholders had reduced their stake in the public issue.
In February 2022, co-founder Alok Bansal divested 2.85 million shares of PB Fintech for Rs 236 crore through an open market transaction. According to the NSE bulk deal data, Bansal sold shares at an average price of Rs 825 a piece.
Shares of PB Fintech were trading in the NSE at Rs 604.85 at 10:13 am, down by 8.18 percent (previous close was at 658.75).
It had hit a record low of Rs 542.30 on May 12, 2022, from an all-time high of Rs 1,470 on November 17, 2021.