PB Fintech's Chairman, Vice-Chairman sell 1.86% stake in the company

17 May 2024 , 12:29 PM

On May 17, PB Fintech’s top executives, Chairman Yashish Dahiya and Vice-Chairman Alok Bansal, sold a total of 83.7 lakh shares through two block deals, amounting to a 1.86% stake in the company. Specifically, Dahiya offloaded 54 lakh shares, while Bansal sold 29.70 lakh shares. 

As a result of this transaction, Dahiya’s ownership in PB Fintech has decreased to 4.83%, and Bansal’s stake has been reduced to 1.63%. 

At the time of writing, the shares were trading at ₹1323 which is a 1.14% dip than the previous close. The stock has gained 107.84% in the last one year, the stock has gained 65.19% gain since the beginning of the year.

Additionally, the block trade has triggered a 365-day lock-in period, preventing the two executives from selling more shares during this time. 

The company indicated that a significant portion of the proceeds from this sale will be used to cover tax liabilities associated with both current and future Employee Stock Option Plan (ESOP) exercises, including taxes due upon exercising the options and capital gains taxes from the sale of shares. Notably, in June 2022, Dahiya had also sold a 0.84% stake in the company at an average price of ₹610.24 per share.

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