Protean eGov Technologies Share Price Falls As Promoter Offloads Stake
NSE Investments Ltd is selling 41.17 lakh shares with a face value of Rs 10 or 10.16% stake in the company with a greenshoe option of 41.17 lakh shares for offer.
(Source: NDTV Profit)
Protean eGov Technologies Ltd. share price declined as promoter offloaded stake in the company. On Friday, the company informed the exchanges that NSE Investments Ltd. was to offload its entire stake worth Rs 1,276 crore in Protean eGov Technologies.
On BSE, 0.67% stake or 2.72 lakh equity shares of Protean eGov Technologies Ltd. changed hands in large trades. The shares changed hands at the price range of Rs 1,710–1,732.6, according to data on Cogencis.
NSE Investments Ltd is selling 41.17 lakh shares with a face value of Rs 10 or 10.16% stake in the company with a greenshoe option of 41.17 lakh shares for offer.
The promoter company held 20.31% stake in Protean eGov Technologies as of Sept 30, according to data on BSE.
Protean eGov Technologies share price was 0.65% down at Rs 1,727.35 apiece.
Protean eGov Technologies share price declined 1.81% to Rs 1,707.10 apiece, the lowest level since Nov 22. It pared losses to trade 0.83% lower at Rs 1,724.15 apiece as of 10:22 a.m., as compared to a 1.58% advance in the NSE Nifty 50 index.
The stock advanced 52.32% in 12 months, and 43.75% on a year-to-date basis. Total traded volume so far in the day stood at 18 times its 30-day average. The relative strength index was at 36.10.
Out of four analysts tracking the company, three maintain a 'buy' rating, one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 21.6%
