The New India Assurance Company will sell 1.05 crore equity shares of the National Stock Exchange of India Ltd. (NSE) as part of the exchange's upcoming initial public offering (IPO).
The PSU general insurer said the proposed divestment of 1,05,00,000 NSE shares represents 29.83% of its total shareholding in NSE.
The transaction will be carried out through an Offer for Sale (OFS) as part of the NSE IPO, subject to the receipt of all necessary regulatory approvals, the company said in an exchange filing on Wednesday.
The insurer added that it received a total dividend of Rs 123.20 crore from NSE during FY 2025-26.
As part of the OFS process the equity shares have been transferred to the “Escrow Account” on 8 September 2026. According to the company, the expected completion date for the sale or disposal of the NSE shares is by the end of September 2026, as indicated by NSE.
Earlier, NDTV Profit had reported, quoting sources, that the NSE IPO price band is likely to be set at Rs 1,750 - Rs 1,785 per share.
NSE IPO is entirely an Offer For Sale (OFS) of existing shareholders. The exchange is also likely to reduce the portion of equity offered in the IPO to around 5.5%, from the earlier plan of 6%.
The exchange aims to raise roughly Rs 24,300 crore from the proposed IPO. At the upper end of the proposed range, NSE would be valued at around Rs 4.42 lakh crore, lower than the roughly Rs 5 lakh crore valuation earlier envisaged for the IPO.
Earlier, Bank of Baroda said it was planning to divest 76,90,375 equity shares of NSE, or around 35% of the total stake held by the lender in the exchange, by way of OFS.
At 1:40 PM, The New India Assurance Company share price was trading 0.19% higher at Rs 205.65 apiece on the BSE.
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