Shares of PB Fintech, the parent company of PolicyBazaar and PaisaBazaar, fell by as much as 2% to a low of ₹1,314.65 in early trade on Friday. The drop was triggered by multiple trades of 83.7 lakh shares, representing a 1.86% stake in the firm, during pre-opening trade.
The company’s promoters are offloading 1.86% equity in PB Fintech for about ₹1,053 crore through block deals. The floor price for the deal is set at ₹1,258 per share, which is over 6% lower than Thursday’s closing price.
In a stock exchange filing, PB Fintech announced that Yashish Dahiya, Chairman and CEO, plans to sell up to 54 lakh equity shares. Alok Bansal, Vice Chairman and Whole-time Director, is looking to sell up to 29,70,578 equity shares via bulk or block deals.
The filing also stated that a substantial portion of the proceeds from the sale will be used to pay taxes on current and future ESOP exercises. ESOPs are subject to taxes upon exercise, in addition to capital gains tax on the sale of shares.
After the sale, Yashish Dahiya will hold a 4.83% stake, and Alok Bansal will hold a 1.63% stake in the company on a fully diluted basis.
As of 12:20 pm, PB Fintech shares were trading 1.23% lower at ₹1,321.80.
