Policybazaar Founders Unload Rs 665 Crore Worth of Shares to Domestic and International Investors

PB Fintech Sells 0.82 Percent Equity Stake for Rs 665 Crore

On May 29, Yashish Dahiya and Alok Bansal, co-founders of PB Fintech, the parent company of Policybazaar and Paisabazaar, sold a 0.82 percent equity stake worth Rs 665 crore to several domestic and global investors through open market transactions. This move resulted in a significant decline in the company's shares on the National Stock Exchange, with PB Fintech shares falling 4.61 percent to close at Rs 1,702.5, the largest single-day drop since February 3.

PB Fintech was founded in 2008 by Yashish Dahiya, along with Manoj Sharma, Avaneesh Nirjar, Tarun Mathur, and Alok Bansal. The online platform for insurance and lending products has been a prominent player in the industry. In the recent transaction, Yashish Dahiya sold 26 lakh shares, equivalent to 0.56 percent of the company's stake, for Rs 455.26 crore, while Alok Bansal offloaded 12 lakh shares, representing 0.26 percent of the stake, for Rs 210.12 crore. Prior to the sale, they held 3.86 percent and 1.16 percent stakes in the company, respectively.

The transaction price for the shares was Rs 1,751 per share. Notably, ST James's Place Emerging Markets Equity Unit Trust emerged as the largest buyer, purchasing 4.67 lakh shares for Rs 81.85 crore. Other notable buyers include Viridian Asia Opportunities Master Fund, Societe Generale, Goldman Sachs Bank Europe SE, National Pension System (NPS) Trust, Wasatch Advisors LP, BNP Paribas Financial Markets, Ghisallo Master Fund, Los Angeles City Employees Retirement System, Matthews Asia Funds, Metzler Asset Management, Morgan Stanley Asia Singapore, and Tata Mutual Fund.

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