PB Fintech CEO Looking To Sell 54 Lakh Shares As Stock Continues Bull Run

PB Fintech, which runs Policybazaar and Paisabazaar informed the exchanges that its CEO Yashish Dahiya is looking to sell shares of the company.

What Happened: In a regulatory filing on Thursday, the fintech major said that Dahiya and vice chairman Alok Bansal are looking to sell shares. As per the filing, Dahiya has informed the company about the intention to sell 54 lakh shares. Bansal is looking to offload around 29.70 lakh shares. The sale of shares is to be executed via bulk or block deals on the stock exchanges.

See Also: HAL’s Bumper Q4 Earnings Send Shares Flying 10%

The company added that 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. ESOPs are subject to payment of taxes on exercise in addition to the payment of capital gain tax on the sale of shares.

After the sale, Dahiya will continue to have a 4.83% stake while Bansal will have a 1.63% stake in PB Fintech on a fully diluted basis. “They are committed to the growth and success of the company,” the company added.

The development comes as shares of the company have been on a roll at the bourses. Since the start of the year, the stock has gone up over 67%. The stock also made an entry into MSCI’s global standard index earlier this week. The company is expected to see inflows of $283 million (around ₹2362 crore).

Price Action: PB Fintech’s share price was up 5.24% to close at ₹1,338.25 on Thursday.

Read Next: Tata Stock Has Slumped 10% This Year: Why Brokerage Initiated Coverage With ‘Buy’ Rating

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesNewsInsider TradesMarketsPB Fintech