The National Stock Exchange of India (NSE) has reduced the size of its proposed initial public offering (IPO) offer for sale (OFS) by around 15 percent, with several shareholders cutting the number of shares they plan to sell, according to the red herring prospectus (RHP) filed on September 10.
The total OFS has been reduced to up to 12.64 crore shares from 14.89 crore shares proposed in the UDRHP, a reduction of around 2.25 crore shares.
The entire reduction has come from eight sellers. MS Strategic (Mauritius) cut its offer by 0.50 Cr shares, Stock Holding Corporation of India by 0.47 Cr, General Insurance Corporation of India by 0.45 Cr, Bank of Baroda by 0.33 Cr and National Insurance Company by 0.20 Cr shares.
Mahagony Limited reduced its proposed sale by 0.20 Cr shares, while Indian Bank cut its offer by 0.10 Cr shares. Individual shareholder Amit Kumar Lohia exited the OFS entirely, withdrawing 25,000 shares. These eight sellers together account for the entire 2.25 Cr-share reduction in the OFS.
On the other hand, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) and TA Asia Pacific Acquisitions have retained their proposed sale quantities unchanged.