IFCI offloads 1.5% stake in NSE for Rs 263 cr

In an exchange filing, IFCI said it had sold 675,000 shares in the NSE at Rs 3,900 apiece

IFCI said on Wednesday it sold 1.5 per cent of its stake in the National Stock Exchange of India (NSE) for Rs 263 crore. The deal values the exchange at Rs 17,550 crore.

In an exchange filing on Wednesday, IFCI said it had sold 675,000 shares in the NSE at Rs 3,900 apiece. The filing did not disclose the name of the buyer.

This sale will bring down IFCI's stake in the NSE to 3.5 per cent from five per cent. IFCI and other financial institutions such as IDBI Bank have been trying to sell shares in the exchange.

"The NSE is happy to welcome the new shareholder on board," said an NSE spokesperson. He declined to name the buyer of the IFCI stake.

The State Bank of India (SBI) is the largest shareholder in the NSE, with a stake of 10.19 per cent. Other shareholders include the Bank of Baroda, the Union Bank of India, the Indian Bank, the Oriental Bank of Commerce, the Kotak Mahindra Bank, the Punjab National Bank, and the ICICI Bank.

Shares of IFCI closed slightly lower on Wednesday at Rs 20.8 on the BSE, down 0.24 per cent over the previous close. The benchmark BSE Sensex ended the day 258 points up, or one per cent higher, at 25,963.

In June 2013, GTI Capital Group had reportedly bought 0.44 per cent in the NSE from IDFC for Rs 79 crore, valuing the exchange at Rs 17,954 crore.

The NSE annual general meeting (AGM) is due on Friday. NSE's rival BSE is also trying to list its own shares to give an exit route to many of its shareholders. In December 2012, the BSE had selected 14 investment banks to manage its public issue. The BSE AGM will be held on September 25 (next Friday).