Shares of PB Fintech, the parent company of Policybazaar and Paisabazaar, dropped more than 10 per cent on Friday, following a reported block deal, in which its founder has trimmed stake.

According to the data from National Stock Exchange (NSE), about 77.98 lakh shares of PB Fintech changed hands, whereas 5.82 lakh shares were traded on BSE. However, the details of buyers and sellers were not available.

Following the development, shares of PB Fintech tanked more than 10 per cent to Rs 776.40 on Friday, before trading at Rs 788.25 at 11.10 am. The scrip had settled at Rs 866.85 on Thursday.

Earlier, PB Fintech said in a regulatory filing that its co-founders Yashish Dahiya and Alok Bansal will be selling shares worth 2.4 per cent of their stake in a block deal worth $130-140 million (Rs 1,000 crore).

The block deal was likely to be at a discount to its closing price of February 10, Thursday. Dahiya was to sell up to 70 lakh shares and Bansal was expected to trim his stake by up to 38.9 lakh shares.

The founders’ cumulative stake will reduce to 8.01 per cent on a fully diluted basis from 10.33 per cent currently.

PB Fintech has tanked more than 47 per cent of its value from its 52-week high, scaled in November 2021. The scrip is less than 5 per cent shy of 52-week lows of Rs 726 it hit in late January 2022.


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