- Radhakishan Damani holds 1.58% stake in NSE and is not selling in the IPO
- Infosys co-founder Kris Gopalakrishnan owns 0.44% of NSE, excluding shares from OFS
- Sunil Kant Munjal has a 0.45% stake in NSE, also not part of the offer for sale
India's largest stock exchange is not just owned by public sector institutions and foreign funds. A scan of NSE's draft red herring prospectus reveals a shareholder list that runs from some of the most recognisable names in Indian business and not one of them is part of the offer for sale.
The most prominent individual name in NSE's cap table is Radhakishan Shivkishan Damani, who holds a 1.58% stake, roughly 3.90 crore shares. The DMart founder's presence in the exchange is reinforced by two related entries further down the same list: Damani Estates and Finance Pvt Ltd and Kalpana Ramesh Damani. None are selling in the IPO.
Infosys co-founder S Gopalakrishnan, known as Kris Gopalakrishnan, holds a 0.44% stake, around 1.08 crore shares. Catamaran Ventures LLP, the investment vehicle associated with Infosys founder N R Narayana Murthy, holds 0.18%. Neither is part of the OFS.
Sunil Kant Munjal, chairman of Hero Enterprise, holds 0.45%, about 1.11 crore shares.
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The big investors in NSE
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Jignesh Vijay Shah, founder of Financial Technologies, now known as 63 Moons, and MCX, is also in the list. Shah faced regulatory proceedings after the 2013 NSEL payments crisis. His presence as a shareholder in India's largest stock exchange is one of the more unusual details the DRHP throws up.
Among institutional names that carry their own weight, Massachusetts Institute of Technology holds a 0.31% stake, around 77 lakh shares, as a direct shareholder rather than through a fund vehicle. Tiger Global Five Holdings holds 0.78%.
Kushal Pal Singh, founder and chairman emeritus of DLF, India's largest listed real estate company, is in the list. So is Ignatius Navil Noronha, the former chief executive of Avenue Supermarts, the company that operates the DMart retail chain — making him a shareholder in the same exchange as the man who built the business he once ran.
Serum Institute of India, the Pune-based vaccines and biologics group led by Cyrus Poonawalla, holds a stake. Tata Investment Corporation, the listed investment arm of the Tata Group, is in the cap table. Adani Properties Private Limited, part of Gautam Adani's conglomerate, appears towards the tail end of the list.
And then there is Dolly Khanna, the Chennai-based investor whose portfolio moves are tracked closely by retail market participants. Her presence in NSE's shareholder list, alongside sovereign funds, an Ivy League university, and billionaire industrialists, says something about the range of people who found a way into this exchange before it ever considered going public.
The list in the DRHP is structured to cover shareholders whose combined holding adds up to at least 80% of pre-offer share capital. It runs to over 300 names. The marquee ones just happen to make the cut.
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