IFCI part-exits National Stock Exchange for $40M

State-run lender IFCI Ltd has part-exited its investment in the National Stock Exchange Ltd (NSE) by selling 1.5 per cent stake for Rs 263.25 crore ($39.7 million), according to a stock market disclosure. It did not disclose the buyer's name.

IFCI sold total of 675,000 shares, or a 1.5 per cent stake, in the stock exchange at a price of Rs 3,900 per share.

The deal valued NSE, one of the two top national stock bourses in the country, at Rs 17,550 crore ($2.6 billion).

Last year in June, the company announced its intention to divest part of its stake in NSE. It held 5.55 per cent stake in the stock exchange as of June 30, 2015 and post the sale continues to own 4.05 per cent stake. At the latest deal value this stake is currently worth Rs 710 crore.

The other major shareholders in the stock exchange include LIC having 10.51 per cent stake and State Bank of India with 10.19 per cent stake.

NSE counts several private investors including PE firms such as General Atlantic, Goldman Sachs, SAIF Partners, Temasek, PremjiInvest, Tiger Global and Norwest Venture Partners.

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