NSE Investments Ltd. plans to offload up to approximately 82.35 lakh equity shares or a 20.32% stake worth Rs 1,276 crore in Protean eGov Technologies Ltd. through an offer for sale, according to an exchange filing on Thursday.
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.
As of September, NSE Investment held a 20.31% stake in the company, indicating that if the non-promoter shareholder chooses the oversubscription option, it will exit the greenfield technology solutions provider.
Spark Institutional Equities Pvt., Citigroup Global Markets India Pvt. and Spark Institutional Equities Pvt. are the brokers for the OFS.
In August, Standard Chartered Bank had exited the company after it sold a 3,09% stake for Rs 225 crore. The bank sold 12.50 lakh shares at an average price of Rs 1,799.79 per share.
Shares of Protean eGov Technologies fell as much as 1.51% during the day to Rs 1,810 apiece on the BSE. The stock closed 0.65% higher at Rs 1,849.75 apiece, compared to a 0.54% decline in the benchmark Sensex. The share price has risen 66.18% in the last 12 months and 46.69% on a year-to-date basis.
Three out of the four analysts tracking the company maintain a 'buy' rating on the stock, while one maintains a 'hold', according to Bloomberg data. The average of 12-month analysts' consensus price target implies a potential upside of 12.8%.
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