The New India Assurance Company on Wednesday, 9 September, said it will divest 1.05 crore shares of the National Stock Exchange of India (NSE) through the proposed NSE IPO. The proposed divestment represents 29.83% of the total shares held by the company in the National Stock Exchange of India.
The New India Assurance Company will offload its NSE shares in an offer for sale, which, as per reports, is to be launched this month.
In an exchange filing during market hours on 9 September, The New India Assurance Company said: “We wish to inform you that The New India Assurance Co. Ltd. proposes to divest 1,05,00,000 equity shares of the National Stock Exchange of India Ltd. (NSEIL).”
“This proposed divestment represents 29.83% of the total shares currently held by the company in NSEIL. The transaction will be executed by way of an offer for sale (OFS) through an initial public offering (IPO), subject to the receipt of all necessary regulatory approvals.”
(This is a developing story. Please check back for fresh updates.)
