Protean eGov Applied sciences shares crack 10% as NSE Investments plans to dump 20% stake by way of OFS

Protean eGov Applied sciences shares cracked 10% to an intraday low of Rs 1,666 on the BSE as NSE Investments, a non-promoter shareholder, introduced plans to dump as much as a 20.31% stake within the firm by a suggestion on the market (OFS). The ground worth for the difficulty has been set at Rs 1,550 per share.

The OFS features a base problem of 10.16% stake representing 41,17,303 fairness shares with an oversubscription or inexperienced shoe choice to moreover promote as much as 10.16% stake representing an equal variety of shares as the bottom problem.

The difficulty will open for non-retail traders on Friday whereas for retail traders on Monday, November 25.

The supply will happen over two buying and selling days on a separate window of BSE from 9:15 am to three:30 pm India time on each the times.

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NSE Investments is a wholly-owned subsidiary of NSE, which was included to undertake strategic investments within the fairness shares and/or different securities of different firms.

On Thursday, shares of Protean eGov Applied sciences ended at Rs 1,849.75 on the BSE, gaining by Rs 12 or 0.65% over the Tuesday closing worth. The corporate’s market capitalisation is round Rs 7,499 crore.

The inventory has rallied almost 70% previously one yr, outperforming Nifty whose returns throughout this era stand at almost 20%. In 2024 up to now, the inventory has appreciated by 50%.

The erstwhile NSDL e-Governance Infrastructure Restricted supplies IT providers. The Firm presents citizen providers, e-governance options, system integration, enterprise course of re-engineering, information middle co-location, and IT consulting providers for residents, corporates and the Authorities.

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The corporate presents direct tax infrastructure, offering a tax id to residents and corporates (issuance of PAN card), strengthening the old-age social safety infrastructure (Nationwide Pension System NPS & Atal Pension Yojna – APY), selling monetary inclusion by contributing to the India Stack by enrolling residents for Nationwide Identification and enabling the BFSI sector by offering Aadhaar-based id authentication and eSign providers.

(Disclaimer: Suggestions, ideas, views and opinions given by the consultants are their very own. These don’t characterize the views of The Financial Occasions)