India: IFCI divests 0.17% more in National Stock Exchange for $4.5m

Financial institution IFCI Ltd on Wednesday said it has sold another small tranche of shares from its holding in the National Stock Exchange Ltd (NSE). In a notice to the exchanges, IFCI said it has sold 0.17% in IFCI for Rs.29.63 crore.

IFCI said it sold 75,000 shares at Rs.3,950 apiece, without disclosing the name of the buyer. At this price, the exchange is valued at Rs.18,170 crore. In September, IFCI had sold 1.5% in the NSE at Rs.3,900 a share. It now holds a little under 3.5% in the NSE.

Investors such as IFCI have been trying to monetize their holdings in the NSE through private deals since the exchange is not listed. A number of investors, including its largest shareholder State Bank of India (SBI), have been pushing for a public listing of NSE which will allow them to sell some of their shares.

On 9 December, SBI chairman Arundhati Bhattacharya told Mint that she would like the exchange to list.

“We would like to exit some part of our stake in the exchange, but we would like to do it in a way where there is proper price discovery. Hence, we are keen that the exchange should list,” Bhattacharya told Mint.

Pressure has also built up after the Securities and Exchange Board of India (Sebi) made it easier for exchanges to list, although it said it would ensure close scrutiny of all shareholders in exchanges.

The NSE has maintained that it intends to move towards a listing once detailed guidelines are announced.

“NSE board and management are moving towards listing. For some time, we had several rounds of fruitful discussions which included our stakeholders too. A broad guideline from Sebi has just come; a more detailed guideline is also expected,” an NSE spokesperson told Mint earlier this month.

Also Read: India: IFCI sells 1.5% stake in NSE for $39.6m

State Bank of India wants the National Stock Exchange to go public

India: National Stock Exchange delaying public listing, allege shareholders

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.