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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
