The National Stock Exchange has filed its draft papers for an initial public offering with the Registrar of Companies , according to sources. The exchange is expected to announce the price band for the IPO on Friday, September 11, at 3 PM, the sources added.
The IPO will open for anchor investors on September 16, ahead of the three-day public subscription window. The issue is scheduled to open for subscription on September 17 and close on September 21, according to the sources. Earlier, state-run lender State Bank of India had reduced the number of shares it plans to sell in the proposed National Stock Exchange of India IPO by 87.8 lakh shares to 1.597 crore shares from 2.475 crore shares, according to sources.
Morgan Stanley has also cut its proposed share sale by 50 lakh shares to 1.10 crore from 1.60 crore shares. Stock Holding Corporation of India Ltd has reduced its proposed sale from 1.089 crore shares to 61.9 lakh shares, while General Insurance Corporation of India has cut its proposed sale from 1.066 crore shares to 61.9 lakh shares, sources in the know told CNBC-TV18.
National Insurance has cut its proposed sale from 60 lakh shares to 40 lakh shares. Last week, markets regulator SEBI gave clearance to NSE to go ahead with its public issue. The approval marked a major step for NSE, whose listing plans had been stalled for nearly a decade due to regulatory hurdles, including the co-location controversy.
NSE filed its draft prospectus with SEBI in June. However, the approval timeline slipped after SBI Capital Markets was added to the list of selling shareholders, a change that triggered a fresh 21-day public feedback window on the revised documents.