Introduction:
IT stock faced a 9% decline on November 22 after a major stake sale announcement. A wholly-owned subsidiary of NSE plans to sell 20.32% equity via an offer for sale at ₹1,550 per share.
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Share price movement of Protean eGov Technologies Ltd:
As of 12:50 PM on November 22, Protean eGov Technologies was trading at ₹1,686.50, reflecting a decline of 8.83 percent from the previous close of ₹1,849.75. The stock opened at ₹1,690.00, marking a decrease of 8.64 percent.
It recorded an intraday high of ₹1,731.95, down by 6.36 percent, and a low of ₹1,666.00, reflecting a drop of 9.94 percent. The market cap stood at ₹6,837.13 crore.
Protean shares drop after NSE stake sale:
Shares of Protean eGov Technologies dropped by 9% on November 22 after the National Stock Exchange (NSE) announced a significant stake sale. NSE Investments plans to offload 20.32 percent equity through an offer for sale (OFS) at a floor price of ₹1,550 per share.
The OFS comprises a base issue of 10.16 percent equity, with an additional green shoe option of 10.16 percent equity. The sale will open for non-retail investors on November 22 and for retail investors on November 25, providing an opportunity for broader market participation.
NSE Investments Limited, a wholly-owned subsidiary of NSE, focuses on strategic equity investments in other companies. This planned stake sale aligns with its strategy to manage holdings and capitalize on growth opportunities in the market.
Recent news on Protean eGov Technologies Ltd:
As of October 31, 2024, Protean eGov Technologies Ltd reported net profit for the September 2024 quarter, dropping to ₹28.04 crore. The company’s sales also decreased by 6.78% to ₹219.70 crore.
Ace investor holding in Protean eGov Technologies Ltd:
Ramesh Damani
Ramesh Damani holds a 1.04% stake in Protean eGov Technologies Ltd, owning 422,069 shares valued at ₹70.9 crore. This highlights his significant investment in the company’s innovative e-governance solutions and growing market presence.
Shalu Aggarwal
Shalu Aggarwal holds a 1.01% stake in Protean eGov Technologies Ltd, owning 409,612 shares valued at ₹2.5 crore. Her investment emphasizes trust in the company’s advancements in e-governance and digital public infrastructure solutions.
Stock performance of Protean eGov Technologies Ltd for Period of 1 week, 6 months and 1 year:
Protean eGov Technologies Ltd has experienced a 1.00% gain over the past week. The stock has delivered an impressive 58.7% return over the last six months, and a notable 64.5% return over the past year.
Shareholding pattern of Protean eGov Technologies Ltd:
| All values in % | Sep 2024 | Jun 2024 | Mar 2024 |
| Promoter | 0% | 0% | 0.00% |
| FII | 6.70% | 8.60% | 9.70% |
| DII | 28.90% | 33.20% | 44.10% |
| Public | 64.40% | 58.20% | 46.20% |
About the company Protean eGov Technologies Ltd:
Protean eGov Technologies Ltd (PROTEAN), established in December 1995, specializes in developing large-scale, citizen-centric e-governance solutions. Partnering with governments, it creates innovative digital public infrastructure, managing key projects like Aadhaar authentication, PAN card issuance, tax systems, and pension recordkeeping across multiple ministries.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
