Protean eGov Technologies shares crack 10% as NSE Investments plans to offload 20% stake via OFS

Protean eGov Technologies shares cracked 10% to an intraday low of Rs 1,666 on the BSE as NSE Investments, a non-promoter shareholder, announced plans to offload up to a 20.31% stake in the company through an offer for sale (OFS). The floor price for the issue has been set at Rs 1,550 per share.

The OFS includes a base issue of 10.16% stake representing 41,17,303 equity shares with an oversubscription or green shoe option to additionally sell up to 10.16% stake representing an equal number of shares as the base issue.

The issue will open for non-retail investors on Friday while for retail investors on Monday, November 25.

The offer will take place over two trading days on a separate window of BSE from 9:15 am to 3:30 pm India time on both the days.

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NSE Investments is a wholly-owned subsidiary of NSE, which was incorporated to undertake strategic investments in the equity shares and/or other securities of other companies.

On Thursday, shares of Protean eGov Technologies ended at Rs 1,849.75 on the BSE, gaining by Rs 12 or 0.65% over the Tuesday closing price. The company’s market capitalisation is around Rs 7,499 crore.

The stock has rallied nearly 70% in the past one year, outperforming Nifty whose returns during this period stand at nearly 20%. In 2024 so far, the stock has appreciated by 50%.

The erstwhile NSDL e-Governance Infrastructure Limited provides IT services. The Company offers citizen services, e-governance solutions, system integration, business process re-engineering, data center co-location, and IT consulting services for citizens, corporates and the Government.

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The company offers direct tax infrastructure, providing a tax identity to citizens and corporates (issuance of PAN card), strengthening the old-age social security infrastructure (National Pension System NPS & Atal Pension Yojna – APY), promoting financial inclusion by contributing to the India Stack by enrolling citizens for National Identity and enabling the BFSI sector by providing Aadhaar-based identity authentication and eSign services.

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