Yashish Dahiya and Alok Bansal, co-founders of PB Fintech, sold a small stake in the company for ₹920 crore in open market transactions. PB Fintech's CEO, Dahiya, and Vice Chairman, Bansal, sold a total of 50.50 lakh shares, or 1.09% stake in the company.
PB Fintech owns the insurtech platform Policybazaar as well as the fintech platform Paisabazar.
Key Highlights
- Co‑founders Yashish Dahiya and Alok Bansal sold 1.1% stake for ₹920 crore via block deal.
- They offloaded 50.5 lakh shares at average ₹1,821.50 each, reducing stakes to 3.57% and 1.04%.
According to the NSE's block deal data, Ashish Dahiya sold 34 lakh shares in two tranches, for a 0.74 percent stake in PB Fintech. Alok Bansal also sold 16.50 lakh shares, or 0.36 percent of his holdings in Gurugram-based PB Fintech.
The combined transaction was valued at approximately ₹919.86 crore, with an average price of ₹1,821.50 per piece.
Following the stake sale, Dahiya's stake in PB Fintech fell to 3.57 percent from 4.31 percent, while Bansal's stake fell to 1.04 percent from 1.40 percent.
Meanwhile, the shares were acquired by a domestic mutual fund, insurance companies, and foreign investors. Tata Mutual Fund, Edelweiss Life Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, and Mumbai-based Subhkam Ventures have all purchased a stake.
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Ghisallo Capital Management of the United States, Citigroup Global Markets Mauritius, Goldman Sachs, Morgan Stanley Asia Singapore, Societe Generale, WFM Asia, System Two Advisors, and Hong Kong-based investment manager Viridian AM all purchased shares in PB Fintech.
Shares of PB Fintech fell 0.53% to ₹1,830 on the NSE. In May last year, Dahiya and Bansal sold a 1.8% stake in PB Fintech for ₹1,109 crore. In June 2022, Dahiya sold approximately 38 lakh shares of the company for ₹230 crore. In February, Bansal sold over 28 lakh shares in the company for ₹236 crore.
PB Fintech launched its ₹5,710-crore IPO in November 2021. The company's co-founders and other shareholders had reduced their investment in the public offering.
