Policybazaar parent, PB Fintech's top executives - Chairman Yashish Dahiya and Vice-Chairman Alok Bansal - offloaded 83.7 lakh shares, representing a 1.86 percent stake in the company, through two block deals on May 17.
Out of the total stake sale, Dahiya sold 54 lakh shares, while Bansal offloaded the remaining 29.70 lakh shares. Post the stake sale, Dahiya's holding in the company will come down to a 4.83 percent stake, while Bansal will have a 1.63 percent stake in PB Fintech.
Shares of PB Fintech fell 1.4 percent to Rs 1,319.50 on the NSE following the two block trades.
Meanwhile, the block trade also triggered a 365-day lock-in before the two executives can execute another tranche of stake sale.
Follow our market blog for live updates
The company also stated that a significant portion of the proceeds from the sale is intended to cover the payment of taxes for both current and future ESOP exercises. ESOPs entail tax payments upon exercise, in addition to capital gains tax obligations from the sale of shares.
Back in June 2022, Dahiya had unloaded another 0.84 percent stake in the company at an average price of Rs 610.24 per share.
Furthermore, the stake sale comes at a time when the stock just bagged an inclusion in the MSCI Global Standard index, which according to Nuvama Alternative & Quantitative Research, is expected to fetch passive inflows worth up to $283 million in the counter.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
