In a significant financial move, PB Fintech Limited, the parent company of PolicyBazaar and Paisabazaar, has announced the allotment of 48,30,740 (forty-eight lakh thirty thousand seven hundred forty) equity shares to its eligible employees, under Employee Stock Option Plan (ESOP).
This strategic allocation, executed on May 31, 2024, follows the exercise of vested stock options under the company’s Employee Stock Option Plan 2021 (ESOP 2021) and was approved by the Nomination and Remuneration Committee through a circular resolution on the same date.
This strategic move has resulted in an increase in PB Fintech’s issued and paid-up share capital.
Previously, the company’s share capital stood at ₹90,24,06,928 (ninety crore twenty-four lakh six thousand nine hundred twenty-eight), which encompassed 45,12,03,464 (forty-five crore twelve lakh three thousand four hundred sixty-four) equity shares, each with a face value of ₹2.
Post-allotment, the share capital has risen to ₹91,20,68,408 (ninety-one crore twenty lakh sixty-eight thousand four hundred eight), now including a total of 45,60,34,204 (forty-five crore sixty lakh thirty-four thousand two hundred four) equity shares of the same face value.
The newly allotted shares are identical to the existing equity shares in all respects and will rank pari passu with them. This means the new shares will have the same rights and privileges as the existing shares.
PB Fintech is currently in the process of completing the formalities necessary to list these shares on the National Stock Exchange of India Limited (NSE) and BSE Limited, ensuring compliance with regulatory requirements.
This allotment is in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. Detailed information regarding this allotment has been provided in a disclosure to the stock exchanges and will be available on the company’s official website.
The exercise price for these shares was ₹2, and there was no premium per share. The distinctive numbers of the newly issued shares range from 451203465 to 456034204, and they bear the ISIN number INE417T01026. There are no lock-in restrictions on these shares.
This allotment under ESOP 2021 underscores PB Fintech’s commitment to rewarding its employees and aligns with the company’s strategic goals of growth and shareholder value enhancement.
