On Monday, Protean eGov Technologies Ltd is in focus following an announcement by its promoter, NSE Investments Ltd, to offload its entire stake in the company. On Friday, the company informed stock exchanges about the divestment plan.
NSE Investments Ltd, which held a 20.31% stake in Protean eGov Technologies as of September 30, is selling 41.17 lakh equity shares, representing 10.16% of the company’s equity. Additionally, the promoter has offered a greenshoe option for another 41.17 lakh shares, further increasing the potential stake sale.
On November 25, 2024, on the BSE, Protean share price opened at ₹1,723.10, down from its previous close of ₹1,738.60. At 12:46 PM, the share price of Protean was trading at ₹1,742.75, up by 0.24%.
Protean eGov Technologies Ltd reported consolidated revenue of ₹220 crore for Q2 FY 2025, reflecting a 12% QoQ growth. Tax and pension services drove stable growth during the quarter. Profit after Tax (PAT) rose by 33% QoQ to ₹28 crore, with normalised PAT for Q2 FY 2025 at ₹26 crore and a margin of 12.0%.
The company maintains a robust financial position, boasting over ₹750 crore in cash equivalents and marketable securities with zero debt as of September 30, 2024.
Protean eGov Technologies Limited was formerly known as NSDL e-Governance Infrastructure Ltd. The company is involved in the business of developing citizen-centric and population-scale e-governance solutions.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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