PolicyBazaar share price today crashed over 13 per cent after the company informed its chairman and CEO Yashish Dahiya about plans to sell over 37.69 lakh shares. Policybazaar shares opened with a fall and went to intraday low 568.60 on NSE, about 13 percent lower than yesterday’s closing price 658.75 per share on NSE.
Policybazaar gave information Indian Exchange He Yashish Dahiya PB Fintech has informed the Board about the sale of 37,69,471 shares of the company through wholesale trading on the stock exchanges. Yashish Dahiya’s total shareholding as on 31.03.2022 was 1,90,08,349 (4.23%) and after exercising 55,09,601 ESOPs during May 2022, his total shareholding increased to 2,45,17,950 i.e. 5.45%.
Informing about the sale of stake in the Company by the Chairman and CEO of Policybazaar, PB Fintech Limited informed the Indian Exchanges by saying, “We hereby submit that the Company has received a communication from Mr. Yashish Dahiya, Chairman and CEO of the Company. Intimation has been received. Sell 37,69,471 equity shares through bulk deals on stock exchanges.”
PolicyBazaar Exchange Communication further submitted that Yashish Dahiya had a total shareholding of 1,72,38,878 (3.84%) after the company’s Initial Public Offering (“IPO”) and the total number of ESOP options vested and immediately after the initial exercise. was payable for The company’s public offering was Rs 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 used within the next few days. In addition to the above vested stock options, 71,96,604 stock options were granted as on October 5, 2021, which will be vested and exercisable over a period of 5 years commencing from the grant date i.e. October 05, 2021.
Yashish Dahiya’s total shareholding as on 31.03.2022 was 1,90,08,349 (4.23%) and after exercising 55,09,601 ESOPs during May 2022 his total shareholding increased to 2,45,17,950 (5.45%). Since ESOPs are subject to payment of taxes on exercise in addition to payment of capital gains tax on sale of shares, proceeds from sale of 37,69,471 shares are proposed to be used for present and future payments. do.
“Further, on account of exercise of 71,96,604 stock options, the total shareholding of Shri Yashish Dahiya, which shall become vested and exercisable over a period of 5 years commencing from the grant date i.e. October 05, 2021, shall increase to 2,80, After the proposed sale of 92,982 (5.98%) on a fully diluted basis,” the PolicyBazaar exchange communication concluded.