NSE draft Red Herring Prospectus: LIC, SBI among top PSU shareholders; Radhakishan Damani holds 1.58% stake

MUMBAI: The National Stock Exchange of India (NSE) has moved a step closer to its long-awaited public listing, filing its Draft Red Herring Prospectus (DRHP) with the market regulator. The filing has also brought into focus the exchange’s diverse shareholder base, which includes several public sector institutions, insurance companies, and prominent individual investors.

According to the DRHP, state-owned insurance giant Life Insurance Corporation of India (LIC) is the single largest shareholder among entities holding 1 per cent or more of NSE’s pre-offer equity share capital, with a stake of 10.72 per cent, comprising 265.27 million equity shares.

Among other public sector investors, State Bank of India (SBI) holds 3.23 per cent, while General Insurance Corporation of India (GIC Re) owns 1.64 per cent of the exchange. Public sector insurers National Insurance Company, The New India Assurance Company, and The Oriental Insurance Company each hold 1.42 per cent stakes.

The DRHP also shows that Stock Holding Corporation of India Ltd., a government-promoted financial services institution, owns 4.44 per cent of NSE, while SBI Capital Markets Ltd. holds 4.33 per cent.

On the individual investor front, veteran investor and DMart founder Radhakishan Shivkishan Damani holds 39.08 million shares, translating into a 1.58 per cent stake in the exchange.

Apart from PSU and individual shareholders, several foreign and institutional investors feature among the largest shareholders. These include Aranda Investments (Mauritius) Pte Ltd with 4.54 per cent, PI Opportunities Fund I with 2.35 per cent, Crown Capital Ltd with 2.07 per cent, and DVI Fund (Mauritius) Ltd with 1.83 per cent.

Other notable shareholders holding over 1 per cent include TIMF Holdings (1.75 per cent), Canada Pension Plan Investment Board (1.60 per cent), TA Asia Pacific Acquisitions Ltd (1.40 per cent), MS Strategic (Mauritius) Ltd (1.20 per cent), 2726247 Ontario Inc. (1.09 per cent), and Rimco (Mauritius) Ltd (1.00 per cent).

Collectively, the 20 shareholders owning at least 1 per cent each account for 52.76 per cent of NSE’s pre-offer equity share capital, representing over 1.30 billion equity shares, according to the DRHP.

The filing marks a significant milestone in NSE’s efforts to go public after years of regulatory and legal hurdles. The proposed offer is expected to be an offer-for-sale by existing shareholders, with the exchange seeking to unlock value for its investors through the listing process. (ANI)