In IPO boost, NSE shareholders to divest over 4%

Mumbai: The initial public offer for NSE, the largest stock exchange in India by trading turnover and revenue, got a boost on Monday as the required number of the bourse's shareholders agreed to part with their holdings for the offer for sale (OFS) to move forward.

Monday was the last day for NSE's existing shareholders to agree to divest their holdings through the IPO. Although final figures were still being collated late on Monday, sources said the aggregate offering of shares had crossed the 4% limit of NSE's total equity capital. Both PSU and private shareholders agreed to participate in the OFS, they said. NSE is in the process of finalising its offer document for the IPO that could be worth an estimated Rs 23,000 crore. Life insurance major LIC and banking giant SBI and its arms, are the major shareholders of NSE, together holding a little over 18% in the exchange. As of March 31, NSE had over 2 lakh shareholders, together holding 247.5 crore shares.

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