Dahiya plans to sell up to 54 Lakh equity shares of PB Fintech and Bansal is looking to sell up to 29.7 Lakh shares via bulk or block deals
Substantial portions of the proceeds from the sale are proposed to be used to make the payment of taxes on current and future ESOP exercises, the company said
Bansal held 75.38 Lakh shares, or a 1.67% stake in PB Fintech, at the end of the March quarter of 2024, while Dahiya held around 2.1 Cr shares, translating to a 4.63% stake
Top executives of PB Fintech – Yashish Dahiya and Alok Bansal – are planning to sell up to 83.7 Lakh shares in the company via block or bulk deals.
As per an exchange filing on Thursday (May 16), Dahiya, chairman and CEO of PB Fintech, intimated that he plans to sell up to 54 Lakh equity shares and Bansal, vice chairman and whole-time director, intimated about his intention to sell up to 29.7 Lakh shares.
As per a report, the offer size for stake sale would be around INR 1,053 Cr at a floor price of INR 1,258 per share.
Substantial portions of the proceeds from the sale are proposed to be used to make the payment of taxes on current and future ESOP exercises, the exchange filing noted.
“On a post-sale basis, Mr Yashish Dahiya will continue to have a 4.83% stake and Mr Alok Bansal will have a 1.63% stake in PB Fintech on a fully diluted basis,” the filing said, adding no further sale of shares is planned beyond at least for the next one year.
As per BSE data, Bansal held 75.38 Lakh shares, or a 1.67% stake in PB Fintech, at the end of the March quarter of 2024. On the other hand, Dahiya held around 2.1 Cr shares, translating to a 4.63% stake.
The development comes at a time when PB Fintech is witnessing a massive uptick in its share price. Its shares have surged almost 70% year to date.
On the back of its rising market capitalisation, PB Fintech has been added to the MSCI India Index in the May review. Its market cap crossed $7 Bn today.
The shares of PB Fintech also closed at INR 1,340.6, a level last seen in mid-November 2021, just after the company’s listing on the bourses.
PB Fintech’s profit jumped almost 62% quarter on quarter to INR 60.2 Cr in Q4 FY24. The company continues to witness sharp growth across its business segments.
Earlier this year, another new-age company, RateGain saw founder Bhanu Chopra’s family members offload 3% stake in the traveltech startup.
