HDFC Bank Exits Protean eGov Tech, Sells Entire Stake

HDFC Bank divested its entire 3.20% stake in Protean eGov Technologies, amounting to 12,94,326 shares, for Rs 150 crore. The shares were sold at an average price of Rs 1,160.15 apiece through an open market transaction. Simultaneously, Nippon India Mutual Fund acquired a 3.16% stake in Protean eGov Technologies for Rs 148 crore.

Details of HDFC Bank’s Stake Sale

HDFC Bank sold its 3.20% stake in Protean eGov Technologies, comprising 12,94,326 shares, at an average price of Rs 1,160.15 per share. The transaction’s total value stood at Rs 150.16 crore.

Acquisition by Nippon India Mutual Fund

Nippon India Mutual Fund purchased a 3.16% stake in Protean eGov Technologies, acquiring 12.78 lakh shares for Rs 148 crore. The average price per share was Rs 1,160, resulting in a deal size of Rs 148.28 crore.

Closing Details

Protean eGov Technologies’ shares witnessed a 0.84% gain, closing at Rs 1,205.60 apiece on the BSE on the day of the transaction.