National Stock Exchange of India Ltd. has push the pedal on its long-awaited initial public offering with the board set to meet on Friday, Feb. 6, to constitute a committee to oversee the public issue. The panel will consist of Chairman Srinivas Injeti, Managing Director and Chief Executive Officer Ashishkumar Chauhan and other nominees from the board, sources told NDTV Profit on Wednesday.
India’s largest bourse has tapped multinational consulting firm Deloitte to oversee the entire IPO process.
Last week, NSE received clearance from the Securities and Exchange Board of India to begin preparations for an IPO. The approval comes nearly a decade after it first filed for a listing in 2016, a plan that stalled following allegations of corporate governance lapses and unfair market access raised by the market regulator. NSE subsequently filed two settlement applications related to the case, proposing to pay close to Rs 1,300 crore.
Existing shareholders are likely to dilute 4-5% stake via an offer for sale in the NSE IPO. The company counts around 190,000 shareholders on its roster.
Public sector entities hold 31.29% stake in NSE as of March 31, making them the largest shareholder bloc. Life Insurance Corporation of India is the single largest PSU shareholder with a 10.72% stake in NSE.
State-owned banks together hold 4.56%, taking total PSU participation to 14 entities.
The exchange is likely to file its draft red-herring prospectus (DRHP) in 3-4 months, and the listing is expected in around 8-9 months, according to sources.
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