Home >Market >Stock-market-news >IFCI sells another 0.17% stake in NSE

Mumbai: Financial institution IFCI Ltd on Wednesday said it has sold another small tranche of shares from its holding in the National Stock Exchange Ltd (NSE). In a notice to the exchanges, IFCI said it has sold 0.17% in IFCI for 29.63 crore.

IFCI said it sold 75,000 shares at 3,950 apiece, without disclosing the name of the buyer. At this price, the exchange is valued at 18,170 crore. In September, IFCI had sold 1.5% in the NSE at 3,900 a share. It now holds a little under 3.5% in the NSE.

Investors such as IFCI have been trying to monetize their holdings in the NSE through private deals since the exchange is not listed. A number of investors, including its largest shareholder State Bank of India (SBI), have been pushing for a public listing of NSE which will allow them to sell some of their shares.

On 9 December, SBI chairman Arundhati Bhattacharya told Mint that she would like the exchange to list.

“We would like to exit some part of our stake in the exchange, but we would like to do it in a way where there is proper price discovery. Hence, we are keen that the exchange should list," Bhattacharya told Mint.

Pressure has also built up after the Securities and Exchange Board of India (Sebi) made it easier for exchanges to list, although it said it would ensure close scrutiny of all shareholders in exchanges.

The NSE has maintained that it intends to move towards a listing once detailed guidelines are announced.

“NSE board and management are moving towards listing. For some time, we had several rounds of fruitful discussions which included our stakeholders too. A broad guideline from Sebi has just come; a more detailed guideline is also expected," an NSE spokesperson told Mint earlier this month.

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