NIACL acquired 35 million shares of NSE at a cost of less than a rupee each. Based on NSE’s trading price of about ₹2,000 a share in the unlisted market, NIACL’s stake is valued at almost ₹7,000 crore, which is significant given NIACL’s market capitalization is at ₹30,500 crore. So, NIACL’s residual valuation works out to ₹23,500 crore, but does the core business of general insurance deserve this valuation?
