PB Fintech Stake Sale: Founders Sell 1% for ₹920 Crore
- New delhi - Yashish Dahiya and Alok Bansal,co-founders of PB Fintech,recently divested a little over 1% of their stake in the company through open market transactions.
- Dahiya, PB Fintech's chief executive, and Bansal, its vice chairman, sold a combined 5.05 million shares.
- PB fintech is the parent company of Policybazaar, an insurtech platform, and Paisabazaar, a fintech platform.
PB Fintech co-founders, including Yashish Dahiya and Alok Bansal, have sold a 1% stake, raising ₹920 crore ($110 million).The open market transactions saw shares acquired by a diverse group of investors, from Tata Mutual Fund to global firms like Goldman Sachs. Dahiya and Bansal reduced their holdings through this strategic move, signaling potential shifts in the insurtech and fintech landscape. This follows previous stake sales, and the funds indicate possibilities for PB Fintech’s expansion. Discovering how this transaction impacts the company requires keeping pace with News Directory 3 for the latest financial insights.Explore the implications for PB Fintech and the broader market-discover what’s next …
PB fintech Founders Divest Stake for $110 Million
New delhi – Yashish Dahiya and Alok Bansal,co-founders of PB Fintech,recently divested a little over 1% of their stake in the company through open market transactions. The deal, executed on the National Stock exchange (NSE), amounted to approximately 920 crore rupees, or $110 million.
Dahiya, PB Fintech’s chief executive, and Bansal, its vice chairman, sold a combined 5.05 million shares. Dahiya offloaded 3.4 million shares, reducing his stake from 4.31% to 3.57%. Bansal sold 1.65 million shares, decreasing his holding from 1.40% to 1.04%.
PB fintech is the parent company of Policybazaar, an insurtech platform, and Paisabazaar, a fintech platform. The average price per share in the transaction was 1,821.50 rupees.
The stake sale attracted diverse investors, including Tata mutual Fund, Edelweiss Life Insurance, HDFC life Insurance, ICICI Prudential Life Insurance, and Subhkam Ventures. international firms such as Ghisallo Capital Management, Citigroup Global Markets Mauritius, Goldman Sachs, Morgan Stanley Asia Singapore, Societe Generale, WFM Asia, System Two Advisors, and Viridian AM also participated.
Following the stake sale, PB Fintech shares experienced a slight dip of 0.53%, settling at 1,830 rupees on the NSE.
This isn’t the first time Dahiya and Bansal have reduced their holdings. In May of last year, they divested a 1.8% stake for 1,109 crore rupees. dahiya also offloaded shares in June 2022 for 230 crore rupees, and Bansal divested shares in February for 236 crore rupees.
PB Fintech launched its initial public offering (IPO) in November 2021, raising 5,710 crore rupees. At that time, co-founders and other shareholders also reduced their stakes.
What’s next
The funds from this stake sale could provide PB Fintech with additional capital for strategic initiatives and further expansion in the insurtech and fintech sectors.