1.86% equity changes hands in two large trades
On Thursday, CNBC-TV18 had reported, citing sources, that the comapny’s promoter was set to sell up to 1.86% of their stake in the company via a block deal worth ₹1,054 crore. The floor price for the deal is ₹1,258 per share, a discount of 6% to Thursday’s closing price.
There would be a 365-day lock-in period for the next tranche of the stake sale b the promoter, the sources said.
According to a statement released by the company, Yashish Dahiya, Chairman and CEO, intended to sell up to 54,00,000 equity shares, while Alok Bansal, Vice Chairman and Whole-time Director, planned to offload up to 29,70,578 equity shares through bulk or block deals on the stock exchanges.
The statement further clarified that post-sale, Yashish Dahiya would retain a 4.83% stake, while Alok Bansal would hold a 1.63% stake in PB Fintech on a fully-diluted basis.
The proceeds of the stake sale were earmakred for various purposes such as the payment of taxes on current and future Employee Stock Ownership Plan (ESOP) exercises.
PB Fintech shares were trading nearly 1% lower at 1,325 apiece at 9.17 am on Friday, May 17.
