PB Fintech co-founder sells firm's shares worth Rs 236 cr at Rs 825 apiece

Co-founder of PB Fintech Alok Bansal on Friday divested over 28 lakh shares of the company for Rs 236 crore through an open market transaction.

PB Fintech operates the online insurance platform Policybazaar and credit comparison portal Paisabazaar.

According to the bulk deal data available with NSE, Bansal sold a total of 28,57,820 shares of PB Fintech.

The shares were sold on an average price of Rs 825 apiece, valuing the transaction size to Rs 235.77 crore.

However, buyer (s) of the shares could not be ascertained immediately.

PB Fintech shares fell by 10.59 per cent to close at Rs 776.15 apiece on NSE.

According to BSE data, Bansal held 58.28 lakh shares of PB Fintech as of December 2021, amounting to 1.3 per cent stake.

PB Fintech came out with its Rs 5,710-crore initial public offering (IPO) in November 2021. The company's co-founders and other shareholders had reduced their stake in the public issue.