Protean eGov down 10% as NSE Investments begins selling up to 20.3% stake

The company said that NSE Investments, a non-promoter, has proposed an offer to sell 41,17,303 shares which translates to a 10.16 per cent stake via OFS.

Protean eGov Technologies shares lost 9.9 per cent in morning deals on Friday (November 22) and clocked an intraday low of Rs 1,666.1 per share on BSE. The counter saw selling after NSE Investments proposed to sell up to 20.3 per cent stake via an offer-for-sale (OFS) from November 22-25.

 

Around 9:24 AM, Protean's share price was down 7.57 percent at Rs 1709.75 per share on BSE. In comparison, the BSE Sensex was up 0.52 per cent at 77,556.02. The market capitalisation of the company stood at Rs 6,944.56 crore. The 52-week high of the company was at Rs 2,225 per share and 52-week low of the company was at Rs 918.8 per share.

 

 

Through a regulatory filing, the company said that NSE Investments, a non-promoter, has proposed an offer to sell 41,17,303 shares which translates to a 10.16 per cent (base offer) stake via OFS. The floor price is set at Rs 1,550 per share. 

 

Further, it will opt for a green shoe option for an additional 10.16 per cent equity in case of oversubscription. 

 

Under the green shoe option, the seller can sell additional shares in case of high demand. 

 

Protean eGov Technologies is an Indian technology company focused on providing digital solutions for e-governance and enhancing public sector services. 

 

It offers a wide range of services, including e-taxation, digital identity management, online payments, and data management for government entities. Protean is involved in building secure, scalable digital infrastructures that streamline government operations and improve citizen engagement. 

 

The company also collaborates with both public and private sectors to implement large-scale digital platforms and solutions aimed at transparency and efficiency. Its initiatives support various sectors such as education, healthcare, and welfare, contributing significantly to India's digital transformation.

 

Through its innovative solutions, Protean enables government agencies to offer services like e-tendering, e-voting, and online citizen engagement, making public sector processes more transparent and accessible. Moreover, the company plays a critical role in digital financial services, including the facilitation of digital payments and tax filing. 

 

In the past one year, Protean eGov Technologies shares have gained 64.4  per cent against Sensex's rise of 17 per cent.