Protean eGov Technologies OFS: NSE Investments to sell 20.3% stake at floor price of ₹1,550/share; Check key dates
- Protean eGov Technologies OFS: The OFS will consist of a base issue of 10.16 per cent equity, with a green shoe option for an additional 10.16 per cent equity.
Protean eGov Technologies OFS: NSE Investments is set to divest up to 20.3 per cent of its stake in Protean eGov Technologies, through an offer for sale (OFS). According to an announcement by the National Stock Exchange (NSE)'s unit on Thursday, November 21, the Mumbai-based e-governance solutions provider's share sale has set a floor price of ₹1,550 per equity share.
The floor price is a discount from today's closing price of ₹1,849.75. NSE Investments Limited is a wholly-owned subsidiary of NSE, which was incorporated to make/hold strategic investments in the equity shares and/or other securities of other companies. NSE Investments is also a non-promoter shareholder in the IT-enabled solutions company.
Protean eGov Technologies OFS Details
Protean eGov Technologies OFS will consist of a base issue of 10.16 per cent equity, with a green shoe option for an additional 10.16 per cent equity. According to NSE Investments, the OFS will open on Friday, November 22, for non-retail investors and on Monday, November 25, for retail investors.
Protean provides e-governance services for taxation-related infrastructure and social security welfare projects such as the National Pension Scheme (NPS) and the Atal Pension Yojana. It also has a subsidiary for the account aggregation business, which the Reserve Bank of India (RBI) regulates.
Also Read: Protean eGov Technologies share price makes a flat debut; shares list at ₹792 apiece on BSE
It is one of India's key IT-enabled solution companies engaged in conceptualizing, developing, and executing nationally critical and population-scale greenfield technology solutions. The company collaborated with the government and has extensive experience creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.
In November 2023, Protean eGov Technologies' share price debuted flat on the stock exchanges. The share price was the same as the issue price of ₹792. Protean eGov Technologies IPO received bids for 110,44,65,250 shares on the final day, as opposed to the 43,78,700 shares available, translating into a subscription rate of 23.86 times.
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