NSE Investment to offload 20.32% stake in Protean eGov

22 Nov 2024 , 11:55 AM

Protean eGov Technologies, an IT-enabled solution firm, announced on November 21 that NSE Investments will sell up to 20.32% of its shares through an offer for sale (OFS) at a floor price of ₹1,550 per share.

NSE Investments Limited is NSE’s wholly-owned subsidiary that was established to make/hold strategic investments in the equity shares and/or other securities of other companies. The OFS has a base issue of 10.16% equity as well as a green shoe option of the same amount. The OFS will be offered to non-retail investors on November 22 and retail investors on November 25.

Protean provides e-governance services for taxation-related infrastructure and social security welfare initiatives including the National Pension Scheme (NPS) and the Atal Pension Yojana. It also operates a subsidiary for account aggregation, which is controlled by the RBI. In the September quarter, the company’s net profit fell 15% to ₹28 Crore from ₹33 Crore the previous year. However, on a sequential basis, net profit increased 33%.

Its sales declined 7% to ₹220 Crore in Q2FY25, compared to ₹236 Crore in Q2FY24.

The National Stock Exchange (NSE) recorded a 57% year-on-year jump in consolidated net profit to ₹3,137 Crore in the September quarter. During the July-September period of FY25, the exchange reported a total income of ₹5,023 Crore, a 25% increase from the previous year.

At around 11.46 AM, Protean eGov Technologies was trading 8.23% lower at ₹1,697 per piece, against the previous close of ₹1,849.75 on NSE.

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