IT-enabled solution company Protean eGov Technologies said on November 21 that NSE Investments will sell up to 20.32% stake in the company through an offer for sale (OFS) at floor price of Rs 1,550 per share.
NSE Investments Limited is a wholly-owned subsidiary of NSE, which was incorporated to, make/hold strategic investments in the equity shares and/or other securities of other companies.
The OFS includes base issue of 10.16% equity and has a green shoe option of 10.16% equity.
The OFS will open on November 22 for non-retail investors and on November 25 for retail investors.
On November 21, Protean eGov Technologies Ltd's shares on BSE closed trading 0.65% higher at Rs 1,849.75 apiece.
Protean deals with the provision of e-governance services in taxation-related infrastructure and social security welfare projects such as the National Pension Scheme (NPS) and the Atal Pension Yojana. It also has a subsidiary for the account aggregation business, which is regulated by the RBI.
In the September quarter, the company reported 15% decline in net profit at Rs 28 crore as compared to Rs 33 crore in the year-ago period. However, on sequential basis, the net profit rose 33%.
Its sales fell 7% to Rs 220 crore in Q2FY25 as against Rs 236 crore in Q2FY24.
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