Startup Board of Directors approved grant of 29.9 Lakh stock options under ESOP 2024
Stock options are convertible into an equal number of equity shares of the company with a face value of INR 2 each.
PB Fintech recently obtained approval to form a new healthcare-focused subsidiary
Insurtech startup PB Fintech has expanded the pool size of its Employee Stock Exchange Plan (ESOP) with a new allocation of 29.9 Lakh stock options.
In an exchange filing yesterday (December 4), the company said its board of directors has approved the grant of 29.9 Lakh stock options under the ESOP 2024 scheme.
“…has approved the grant of 29,92,427 stock options convertible into an equal number of equity shares of the company of face value of INR 2 each,” the company added.
This comes a day after the startup received the approval of its board of directors create a new subsidiary provide health services. Additionally, the company announced that it will later file an application to deploy the new healthcare-focused entity.
At 10:04 am today (December 5), shares of PB Fintech were trading at INR 1,991.25 apiece on the BSE, down 0.64% from their previous close at INR 2,004.10.
A few weeks ago, the company assigned nearly 27 Lakh shares to eligible employees under its ESOP 2021.
PB Fintech, owner of the fintech platform Paisabazaar.com and insurance platform Policybazaar.com are currently foraying into the healthcare segment.
In September, the company president and Yashish Dahiya, Group CEO has confirmed that it is considering making a foray into the healthcare field.
At the time, Dahiya added that PB Fintech would make a one-time investment of $100 million to acquire a 30% stake in a new healthcare company.
Financially, the company recorded a consolidated net profit of INR 50.98 Cr in Q2 FY25 compared to a loss of INR 21.11 Cr in the year-ago period. Its operating revenue also jumped 43% YoY (YoY) to INR 1,167.2 Cr in Q2 FY25 from INR 811.6 Cr in last year’s quarter.