November 21, 2024

NSE Investments to sell up to 20.3% stake in Protean eGov via OFS

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NSE Investments is set to divest up to 20.31% of its stake in Mumbai-based e-governance solutions provider, Protean eGov Technologies, through an offer for sale (OFS), according to an announcement by the National Stock Exchange’s unit on Thursday.

The OFS will consist of a base issue of 10.16% equity, with a green shoe option for an additional 10.16% equity. The floor price for the issue is set at ₹1,550 per share.

The OFS will open on November 22 for non-retail investors, and on November 25 for retail investors, the NSE Investments statement added.

Protean eGov Technologies is one of the key IT-enabled solution companies in India engaged in conceptualizing, developing, and executing nationally critical and population-scale greenfield technology solutions.

The company collaborated with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

In July-September 2024 (Q2FY25), Protean reported a revenue of ₹219 crore, and a profit after tax of ₹28 crore.

Shares of Protean eGov Technologies finished 0.7% higher at ₹1,849.75 on BSE on Thursday.

Also Read : Nifty 50 hits 5-month low as bribery case against Adani Group jolts markets

First Published: Nov 21, 2024 5:36 PM IST

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