Protean eGov technologies shares nosedived almost 10 per cent, after opening of NSE Investments' offer for sale (OFS) of a 20.3 per cent stake. Protean eGov's OFS has been set at a floor price of Rs 1,550, which is much less than the closing price of Rs 1,849.75 from the previous trading session.

The Protean eGov technologies shares went on to touch the day low of Rs 1,666.00 per share on the NSE (National Stock Exchange), after hitting the openining bell at Rs 1,690.00 per share on the Indian Exchanges.

The stock was currently trading at Rs 1709.00 per share on Indian Exchanege with decline of 7.61 per cent amounting to Rs 140.75 per share on the NSE (Natinal Stock Exchange).

OFS (Offer for Sale) Details

According to the exchanges' release, NSE Investments plans to sell up to 41,17,303 equity shares of the company on November 22. This is the base offer size for non-retail investors only, and it represents roughly 10.16 per cent of Protean eGov's total issued and paid-up equity share capital.

The offer will be open to retail investors on November 25, 2024. A green shoe option for a further 10.16 per cent equity stake sale is also available. Up to 41,17,302 equity shares amounitng to roughly 10.16 per cent of the company's total issued and paid-up equity share capital) may be sold in the event of oversubscription.

About NSE Investment

Protean eGov Technologies Ltd.'s non-promoter shareholder, NSE Investments Ltd., has suggested selling up to 20.31 per cent of the business.

Protean provides e-governance services for tax-related infrastructure and social security welfare programs like the National Pension Scheme (NPS) and the Atal Pension Yojana. Additionally, it has a subsidiary for the Reserve Bank of India (RBI)-regulated account aggregation industry.

Stock performance

Investors have received substantial returns from Protean eGov Technologies. Over the past year, the stock has increased by 53 per cent.