BackPolicybazaar tanks as CEO Yashish Dahiya mulls share sale
Policybazaar CEO Yashish Dahiya has intimated the PB Fintech board about offloading shares via bulk deal on the stock exchanges
PremiumPolicybazaar share price today crashed over 13 per cent after the company informed about its Chairman & CEO Yashish Dahiya's plans to offload over 37.69 lakh shares. Policybazaar shares opened with downside gap and went on to hit intraday low of ₹568.60 on NSE, around 13 per cent lower from its yesterday's close of ₹658.75 per share on NSE.
Policybazaar informed the Indian exchanges that Yashish Dahiya has intimated the PB Fintech board about offloading 37,69,471 company shares via bulk deal on the stock exchanges. The aggregate shareholding of Yashish Dahiya as on 31.03.2022 was 1,90,08,349 (4.23%) and post exercise of 55,09,601 ESOPs during May 2022, his aggregate shareholding increased to 2,45,17,950 i.e., 5.45%.
Informing about the Policybazaar Chairman & CEO offloading his shareholding in the company, PB Fintech Ltd informed Indian exchanges citing, "We hereby submit that the Company has received an intimation from Mr. Yashish Dahiya, Chairman and CEO of the Company, for an intention to sell up to 37,69,471 equity shares via bulk deals on the stock exchanges."
Policybazaar exchange communication further submitted that the aggregate shareholding of Yashish Dahiya after the Initial Public Offer (“IPO") of the Company was 1,72,38,878 (3.84%) and total number of ESOPs options vested and due for exercise immediately after the Initial Public Offer of the Company were 1,06,57,500.
Out of the above outstanding stock options, he exercised 1,05,09,601 shares during February 2022 and May 2022. The remaining 1,47,899 vested ESOPs will be exercised within next few days. Apart from above vested stock options, 71,96,604 stock options were granted on October 05, 2021 which will get vested and exercisable over a period of 5 years commencing from the grant date i.e. October 05, 2021.
The aggregate shareholding of Yashish Dahiya as on 31.03.2022 was 1,90,08,349 (4.23%) and post exercise of 55,09,601 ESOPs during May 2022 his aggregate shareholding increased to 2,45,17,950 (5.45%). As the ESOPs are subject to payment of taxes on exercise in addition to the payment of capital gain tax on the sale of shares, the proceeds from the sale of the 37,69,471 shares are proposed to be used to make the payment of current and future taxes.
"Further, aggregate shareholding of Mr. Yashish Dahiya on account of exercise of 71,96,604 stock options which will get vested and exercisable over a period of 5 years commencing from the grant date i.e. October 05, 2021, will increase to 2,80,92,982 (5.98 %) on a fully diluted basis post the proposed sale," Policybazaar exchange communication concluded.
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