The stock price of India’s leading public limited non-government company dropped to ₹1,201 apiece after HDFC Bank sold its entire stake worth ₹150 crores in the company.
At 1:10 p.m., Protean eGov Technologies Ltd shares were trading at ₹1,195 per share, down 0.88% on the Stock Exchange from the previous close price. The company has a market capitalization of ₹4,867 crore.
According to the bulk deal, HDFC Bank sold its entire stake of 12.9 lakh equity shares, representing a 3.2 percent stake in Protean eGov Tech, at an average price of ₹1,160 per share, totaling ₹150.16 crore.
Conversely, Nippon India Mutual Fund purchased 12.7 lakh shares, equivalent to a 3.16 percent stake in Protean eGov Tech, for ₹148 crore. The shares were bought at an average price of ₹1,160 per share, for a transaction worth ₹148.28 crore.
Previously, IIFL Special Opportunities Fund Series 7, also known as 360 One Special Opportunities Fund, sold 10 lakh shares, constituting a 2.47 percent equity stake, at an average price of ₹1,221.91 per share.
Protean eGov Technologies Ltd, formerly known as NSDL e-Governance Infrastructure Limited, is a leading technology company specializing in the Digital Public Infrastructure space.
Protean eGov Technologies is engaged in developing digital public infrastructure solutions that cater to the needs of citizens and large-scale e-governance initiatives.
Protean eGov Technologies Ltd has a strong market presence and is known for its significant contributions to PAN service provision in India, holding a substantial market share in PAN allotment services.
Protean eGov Technologies Ltd shares have increased by 6% over the past six months and by 31% over the past year.
Operational revenue experienced a slight year-on-year decrease of 4%, dropping from ₹231 crore in Q4FY23 to ₹221.86 crore in Q4FY24. Furthermore, there was a notable 34% decline in net profit, falling from ₹31.1 crore to ₹20.48 crore.
Written by Omkar Chitnis
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