Yashish Dahiya and Alok Bansal, co-founders of listed firm PB Fintech, which runs insurtech platform Policybazaar and fintech platform Paisabazaar, have sold part of their stake worth $130 million.
Dahiya sold 5.4 million shares of PB Fintech Ltd, cashing in Rs 715.6 crore ($85.9 million) in an open market transaction on Friday,while Bansal pocketed nearly Rs 393.6 crore ($47.2 million), selling nearly 3 million shares.
Sovereign wealth funds including Abu Dhabi Investment Authority (ADIA), Khazanah and Canadian investor CDPQ, among others were the buyers.
“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,” PB Fintech had said in a statement on Monday.
The two co-founders still continue to own a small percentage in the company. Dahiya owns 4.83% stake, while Alok Bansal has 1.63% stake in PB Fintech on a fully diluted basis.
The two sold the stock at a price of Rs 1,325.15 apiece, with stock recovering its value in the last month after plummeting in 2022. Last month, the shares touched a 52-week high of Rs 1400.35 a piece.
PB Fintech turned profitable in FY24. It reported a net profit of Rs 64 crore, compared to a loss of Rs 488 crore in FY23. Meanwhile, the company’s consolidated operating revenue grew 34 per% to Rs 3,437 crore in FY24.
