PB Fintech’s top two executives plan to sell 1.86% stake
Mint. Yashish Dahiya will offer up to 54 lakh shares, while Alok Bansal will sell up to 29.7 lakh shares. The shares will be sold at a floor price of ₹1,258 per share, a 6% discount to the closing price on 16 May 2024 of ₹1,338.25 apiece on the BSE.
This translates to an estimated total deal value of ₹1,053 crore (approximately $126 million). Investment bank Morgan Stanley is managing the sale. PB Fintech spokespersons did not respond to emails seeking comments.
The company's two executives currently hold a combined stake of 6.3%, with Yashish Dahiya and Alok Bansal owning 4.63% and 1.67%, respectively. After the sale, their holdings will reduce to 3.43% and 1.01% respectively. This move comes during a strong year for PB Fintech's stock price.
The company's shares have surged by 67% year-to-date, significantly outperforming the benchmark Nifty 50 index which has gained 3%. It's important to note that there is a one-year lock-in period for the vendors, restricting them from selling any additional shares during that timeframe. It's important to note that this news follows the exit of another major shareholder earlier this year.
On 1 February 2024, Singaporean investment giant Temasek Holdings offloaded its entire 5.42% stake in PB Fintech for ₹2,425 crore. Read Also: PB Fintech Q4 results: Firm back in black, PAT at ₹64 crore; revenue grows to ₹1,089.57 crore The company delivered a strong performance for the quarter ending 31 March 2024. Consolidated net profit soared to ₹60.19 crore, a remarkable turnaround compared to the ₹9.34 crore loss reported in the same period last year.
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