The National Stock Exchange of India (NSE) has taken a major step toward its long-awaited public listing by filing its Draft Red Herring Prospectus (DRHP) with the market regulator. The filing highlights the exchange's diverse shareholder base, which includes prominent public sector institutions, insurance companies, and individual investors.
LIC Holds Largest Stake Among Institutional Shareholders
According to the DRHP, the Life Insurance Corporation of India (LIC) is the single largest shareholder among entities holding 1% or more of NSE's pre-offer equity share capital. LIC owns a 10.72% stake, comprising 265.27 million equity shares.
Other Major Public Sector Shareholders
State Bank of India (SBI) holds a 3.23% stake, while General Insurance Corporation of India (GIC Re) owns 1.64% of the exchange. Public sector insurers National Insurance Company, The New India Assurance Company, and The Oriental Insurance Company each hold 1.42% stakes.
Stock Holding Corporation of India Ltd., a government-promoted financial services institution, owns 4.44% of NSE, while SBI Capital Markets Ltd. holds 4.33%.
Radhakishan Damani Among Top Individual Investors
Veteran investor and DMart founder Radhakishan Shivkishan Damani holds 39.08 million shares, translating into a 1.58% stake in the exchange.
Foreign and Institutional Investors
Several foreign and institutional investors are also among the largest shareholders. These include Aranda Investments (Mauritius) Pte Ltd with 4.54%, PI Opportunities Fund I with 2.35%, Crown Capital Ltd with 2.07%, and DVI Fund (Mauritius) Ltd with 1.83%.
Other notable shareholders holding over 1% include TIMF Holdings (1.75%), Canada Pension Plan Investment Board (1.60%), TA Asia Pacific Acquisitions Ltd (1.40%), MS Strategic (Mauritius) Ltd (1.20%), 2726247 Ontario Inc. (1.09%), and Rimco (Mauritius) Ltd (1.00%).
Collective Stake of Top Shareholders
Collectively, the 20 shareholders owning at least 1% each account for 52.76% 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.
