Market

Policybazaar tanks 10% as CEO Yashish Dahiya plans 3.77 mn share sale

Shares of PB Fintech, which operates on-line insurance coverage dealer Policybazaar and mortgage market Paisabazaar, plunged 10 per cent to Rs 595 on the BSE in Tuesday’s intra-day after Yashish Dahiya, chairman govt and CEO of the company revealed his plan to promote as much as 3.77 million fairness shares by way of open market.

“The Company has received an intimation from Mr. Yashish Dahiya, Chairman and CEO of the Company, for an intention to sell up to 3,769,471 equity shares via bulk deals on the stock exchanges,” PB Fintech stated in an alternate submitting.

The mixture shareholding of Yashish Dahiya as on March 31, 2022, stood at 19 million (4.23 per cent) and put up train of 5.5 million ESOPs throughout May 2022 his mixture shareholding elevated to 24.52 million (5.45 per cent). As the ESOPs are topic to cost of taxes on train along with the cost of capital acquire tax on the sale of shares, the proceeds from the sale of the 3.77 million shares are proposed for use to make the cost of present and future taxes, the company stated. CLICK HERE FOR STATEMENT

Earlier, on February 11, 2022, co-founder Alok Bansal divested 2.85 million shares of PB Fintech for Rs 236 crore by way of an open market transaction. According to the NSE bulk deal knowledge, Bansal bought shares at a mean value of Rs 825 apiece.

PB Fintech got here out with its Rs 5,710-crore preliminary public providing (IPO) in November 2021. The company’s co-founders and different shareholders had decreased their stake within the public difficulty.

At 09:29 am; the stock was buying and selling 8 per cent decrease at Rs 604.80, as in comparison with 0.86 per cent decline within the S&P BSE Sensex. It had hit a file low of Rs 542.30 on May 12, 2022.

In the previous six months, the stock has underperformed the market with its stock value halved or down 49 per cent as in comparison with 4 per cent decline within the S&P BSE Sensex. The stock has corrected 60 per cent from its all-time excessive of Rs 1,470 hit on November 17, 2021.

PB Fintech had made its stock market debut on November 15, 2021. The company had issued shares at Rs 980 per share.

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