 "divestment")
Yashish Dahiya and Alok Bansal, co-founders of PB Fintech, divested a 1.86 per cent stake in the fintech major for Rs 1,110 crore on Friday. Dahiya, who is also the Chairman and CEO of the company, sold a 1.2 per cent stake to mop up Rs 716 crore, while Bansal, the vice chairman, sold a 0.66 per cent stake for Rs 394 crore.
They sold 8.37 million shares at Rs 1,325 apiece. Among the buyers were over two dozen funds, which included Morgan Stanley, Societe Generale, Axis Mutual Fund, and New World Fund.
Shares of PB Fintech fell 1.2 per cent to Rs 1,325 in secondary market trades.
“Substantial portions of the proceeds from the sale are proposed to be used to make the payment of taxes on current and future ESOP exercises…They are committed to the growth and success of the company,” the company said in a statement.
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Following the share sale, Dahiya's stake will fall to 4.83 per cent and Bansal's will decline to 1.63 per cent.
NSE, BSE to conduct special trading session today
The National Stock Exchange (NSE) and BSE will conduct a special trading session in the equity and equity derivative segments on Saturday to check their preparedness for handling major disruptions at the primary site. The special live trading session will have an intraday switchover from the primary site (PR) to disaster recovery (DR) site.
