On May 17, the senior executives of PB Fintech, the firm that owns Policybazaar, Chairman Yashish Dahiya and Vice-Chairman Alok Bansal, sold 83.7 lakh shares through two block trades, or 1.86 percent of the company.
Dahiya sold 54 lakh shares of the overall stake sale, and Bansal sold the remaining 29.70 lakh shares. Following the equity sale, Bansal will control 1.63 percent of PB Fintech while Dahiya will retain 4.83 percent of the business.
With the two block trades, PB Fintech's shares dropped 1.4% to Rs 1,319.50 on the NSE. A 365-day lock-in was also imposed by the block transaction before the two CEOs could carry out a second tranche of share sales.
Additionally, the business said that a sizeable amount of the sale's revenues will be used to pay taxes on both the current and upcoming ESOP exercises. In addition to capital gains tax due on the sale of shares, ESOPs need tax payments at the time of exercise.
Dahiya sold off an additional 0.84 percent of the firm in June 2022, with each share selling for an average of Rs 610.24.
In addition, the stake sale occurs soon after the company was added to the MSCI Global Standard index, which Nuvama Alternative & Quantitative Research predicts would bring in passive inflows of up to $283 million over the course of trading.
