PB Fintech, the parent company of Policybazaar and Paisabazaar, share prices fell over 10 percent after reports of stake sale by the founder.
Shares PB Fintech Ltd went into a tailspin after the huge block deal, which saw around 64.7 lakh shares changing hands in bunched trade, CNBC TV reported. Details of buyers and sellers were not available.
The block deal involved around 1.4 percent stake worth Rs 534 crore at average Rs 822 a share, CNBC-TV18 said.
PB Fintech shares fell as much as 10.48 to hit a low of Rs 776.40 on BSE. At 1.32pm, the scrip was trading at Rs 796.65 on BSE, down 8% from its previous close.Shares of PB Fintech opened sharply lower after a Moneycontrol report had said the co-founders Yashish Dahiya and Alok Bansal would sell 2.4 percent in the company worth $130-$140 million. The block deal will be done at a 0-2 percent discount to PB Fintech's closing price on January 10 which was at Rs 868.10 per share. Dahiya will be selling up to 70 lakh shares and Bansal will sell 38.9 lakh shares, Moneycontrol report added.
PB Fintech Q3 Results | Policybazaar parent records consolidated loss of Rs 298 crore
The founders' cumulative stake will reduce to 8.01 percent on a fully diluted basis from 10.33 percent currently. Earlier, the co-founders, along with Dahiya's wife Shika Dahiya and a few other shareholders had reduced the quantum of their stake sale in the run-up to the company's IPO in November 2021.
Recently, the firm reported consolidated net sales of Rs 367.28 crore in the December quarter against Rs 212.09 crore a year ago. Net loss for the quarter stood at Rs 298 crore versus Rs 19.12 crore a year ago. EBITDA for the quarter was at negative Rs 283 crore from Rs 3.62 crore a year ago.
Its insurance premium grew by 68% year on year to Rs 1796 crore while credit disbursals rose 94% to Rs 1926 crore.
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