Protean eGov Tech Share Price Hits Four-Month Low As NSE Investments Plans To Offload Stake

Protean eGov Technologies Ltd.'s share price fell to hit its lowest in four months as its public shareholder NSE Investments plans to offload its entire stake worth Rs 1,276 crore in the company, through an offer for sale.

As of quarter ended Sept. 30, 2024, the seller held 20.31% stake in the company comprising of 82.34 lakh shares. The OFS will have a base offer of 41.17 lakh equity shares, representing a 10.16% stake, for non-retail investors on Friday, and on Nov. 25 for retail investors and non-retail investors who choose to carry forward their unallotted bids. The floor price for the issue has been set at Rs 1,550 per share.

It will also have an option to additionally sell up to 41.17 lakh shares, representing a 10.16% of the total issued and paid up equity share capital of the company.

So far during the session, 7.2 lakh shares of the company changed hands on the BSE, 18 times its 30-day average.

The scrip, which made its debut on the exchanges last year, fell as much as 9.9% to Rs 1,666 apiece, the lowest level since July 23. It pared loss to trade 7.2% lower at Rs 1,716.45 apiece, as of 10:32 a.m. This compares to a 0.9% advance in the NSE Nifty 50.

It has risen 43% on a year-to-date basis. The relative strength index was at 35.

Of the four analysts tracking the company, three maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 52.5%.