Protean eGov Tech tumbles after OFS opens for non-retail investors

Protean eGov Technologies slumped 8.16% to Rs 1698.80 after the company's offer for sale (OFS), by its non-promoter shareholder NSE Investments, opened for non-retail investors today (22 November 2024).

Through the OFS, NSE Investments proposes to sell up to 41,17,303 equity shares (representing 10.16% stake), with an option to sell an additional 10.16% stake or 41,17,302 equity shares in case of oversubscription.

The floor price for the sale has been set at Rs 1,550, a 16.20% discount to the stock's closing price of Rs 1849.75 on Tuesday, 15 October 2024.

The total OFS size (base size + green shoe) stands at 82,34,605 shares, representing 20.3% of outstanding equity shares of the company, the value of which (at floor price) aggregates to Rs 1,276.36 crore.

NSE Investments held 20.31% stake in Protean eGov Technologies as of September 2024.

The OFS opened on Friday (22 November 2024) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Monday (23 November 2024).

As on 13:45 IST, the OFS received subscription for 33,49,300 shares. It was subscribed 90.386% on the base non-retail offer size of 37,05,572 shares and 45.193% on the total non-retail offer size (base size + green shoe) of 74,11,143 shares.

Protean eGov Technologies (formerly known as NSDL e-Governance Infrastructure) is an information technology enabled solutions company conceptualizing, developing, and executing nationally critical and population scale greenfield technology solutions. The company collaborates with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

The companys consolidated net profit declined 14.46% to Rs 28.04 crore on 6.75% fell in revenue from operations to Rs 219.70 crore in Q2 FY25 over Q2 FY24.

Powered by Capital Market - Live News