Standard Chartered Bank exits Protean eGov Tech, sells stake for Rs 225 cr

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British multinational Standard Chartered Bank on Thursday exited Protean eGov Technologies by selling its entire 3.09 per cent stake for Rs 225 crore through an open market transaction.

According to the bulk deal data available on the BSE, Standard Chartered Bank offloaded 12.50 lakh shares or 3.09 per cent stake in Protean eGov Technologies.

The shares were disposed of at an average price of Rs 1,799.79 apiece, taking the deal value to Rs 224.97 crore.

At the end of the June quarter, London-based Standard Chartered Bank owned a 3.09 per cent stake in Protean eGov Technologies, shareholding data showed with the bourse.

Details of buyers of Protean eGov Tech's shares could not be ascertained. Shares of Protean eGov Technologies fell 1.19 per cent to close at Rs 1,845.45 per piece on the BSE.

On Monday, Protean eGov Technologies reported a 10.83 per cent decline in its consolidated net sales to Rs 196.54 crore for the quarter ended June, compared to Rs 220.41 crore in the corresponding period last year.

The company's net profit for the June quarter also saw a significant drop of 34.52 per cent to Rs 21.09 crore, as against Rs 32.21 crore in June 2023.

Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) is one of the key IT-enabled solution companies in India engaged in conceptualizing, developing, and executing nationally critical and population-scale greenfield technology solutions.

The company collaborated with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

The company is a pioneer and market leader in building digital public infrastructure.

Originally set up as a depository in 1995, it created a systemically important national infrastructure for capital market development in India.