PolicyBazaar Shares: Policybazaar and Paisabazaar’s parent company PB Fintech traded 10 per cent lower at Rs 595 in morning trade on the BSE in intra-day Tuesday after the company’s chairman executive and CEO Yashish Dahiya decided to sell up to 3.77 million equity. Plan revealed. shares through an open market. “The company has received an intimation from the Chairman and CEO of the company, Mr. Yashish Dahiya, with an intention to sell 3,769,471 equity shares through wholesale deals on the stock exchanges,” PB Fintech said in an exchange filing.
As on March 31, 2022, Yashish Dahiya had a total shareholding of 19 million (4.23 per cent) and after exercising 5.5 million ESOPs during May 2022, his total shareholding increased to 24.52 million (5.45 per cent). Since ESOPs are subject to payment of taxes on exercise in addition to payment of capital gains tax on sale of shares, the proceeds from the sale of 3.77 million shares are proposed to be used for payment of current and future taxes. , the company said.
PB Fintech came out with its Rs 5,710 crore initial public offering (IPO) in November 2021. The company’s co-founders and other shareholders had reduced their stake in the public issue.
In the past six months, the stock has underperformed the market by halving its stock price, or 49 per cent, compared to a 4 per cent fall in the S&P BSE Sensex. The stock has registered a decline of 60 per cent from its all-time high of Rs 1,470 on November 17, 2021.
PB Fintech made its debut in the stock market on 15 November 2021. The company had issued shares at Rs 980 per share.
For the March quarter, PolicyBazaar narrowed the loss to Rs 219.6 crore in the fourth quarter of the fiscal from Rs 643.8 crore in the year-ago period. Total income increased to Rs 591.16 crore in the last quarter of FY22 from Rs 290.08 crore in the corresponding period of the previous financial year (FY21).
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