 "IIFL Finance plans to sell shares worth Rs 84 cr in NSE via secondary mkt")
Non-banking financial company IIFL Finance plans to divest its equity stake in the National Stock Exchange (NSE). It has received approval from NSE for the sale of equity shares worth Rs 84.7 crore through the secondary market, the financial services firm said in an exchange filing.
After the divestment, IIFL Finance’s stake in NSE will fall to 0.146 per cent. The stake sale comes within months of its acquisition of 0.18 per cent stake in the stock exchange for Rs 284.4 crore.
In April, IIFL Finance had bought a stake in NSE from FIH Mauritius Investments. IIFL Finance had clarified then that though FIH was a related party, the deal was on an arm’s-length basis, and the investment was only for long-term or short-term benefits without any control in the management.
The shares of the top bourse are yet to be listed, and it is awaiting approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO).
Earlier in May, NSE announced a four-for-one bonus issue and a dividend of Rs 90 per share after declaring its financial results. According to Unlisted Zone, which allows trading in stocks of unlisted firms, the shares of NSE were trading at Rs 6,200 apiece, up from Rs 4,800 apiece at the end of March.