State-owned development finance institution IFCI Ltd said on Tuesday it has divested most of its 2.44% stake in the National Stock Exchange (NSE) for Rs 805.6 crore ($119.35 million).
IFCI has sold 82% of the more than 12 million shares it held in the NSE, it said in a stock-exchange filing. The sale of the remaining shares is pending approval, it added.
The company didn’t disclose the name of the buyers.
IFCI had informed stock exchanges on December 2 that it had received bids for its entire 2.44% stake in the NSE.
The stake sale values the country's largest stock exchange at around Rs 35,000 crore.
As on September 30, 2019, other major shareholders of the NSE included Life Insurance Corporation of India with 12.51% and State Bank of India with 8.25% (including SBI Capital Markets Ltd's stake of 4.33%).
The NSE also has several private investors. These include Goldman Sachs (3%), Morgan Stanley (3%), SAIF Partners (3.55%), Acacia Banyan Partners (2.5%), Tiger Global (3%) and Norwest Venture Partners (1.58%).
IFCI, previously Industrial Finance Corporation of India, is a non-banking financial company. It finances companies for a variety of projects including airports, roads, telecom, power, real estate, manufacturing, services sector and other such allied projects. It also offers advisory services.
Shares of IFCI jumped 10% after the stake sale announcement, before paring the gains to close 7.6% higher at Rs 6.73 apiece on the BSE.