National Stock Exchange of India IPO (File Photo)
\n\nThe National Stock Exchange of India Ltd (NSE) has secured approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), taking the country’s largest stock exchange one step closer to a long-awaited stock market listing. SEBI disclosed the development in its processing-status report for the week ended Friday. The regulatory clearance removes a crucial hurdle for NSE as it prepares for what is expected to be one of India’s biggest public offerings.
\n\nNSE had submitted its draft red herring prospectus (DRHP) to SEBI on June 17. Kotak Mahindra Capital Company Ltd is serving as the coordinating lead manager for the proposed issue.
\n\nThe proposed NSE public issue will be structured as an offer for sale (OFS), according to the draft documents. This means the exchange will not issue any new shares. Instead, existing shareholders will sell a portion of their holdings to investors through the IPO.
\n\nThe offer is proposed to include up to 148.91 million equity shares, each carrying a face value of Re 1.
\n\nSince the issue is entirely an OFS, NSE will not receive any proceeds from the shares sold during the…
Original source: https://www.timesnownews.com/business-economy
