IFCI shares rally over 16% in two days as NSE IPO draws closer
IFCI shares rallied over 16% in two sessions amid expectations that the long-delayed NSE IPO could be nearing launch. IFCI indirectly owns more than 4% of NSE through its stake in Stock Holding Corporation of India. SEBI has moved closer to approving NSE’s IPO after settling key regulatory cases, while the exchange seeks a valuation of up to Rs 5.26 lakh crore.
IFCI shares experienced a significant surge, soaring as much as 16% over two days, fueled by anticipation surrounding the impending NSE IPO. The exchange, India's largest stock exchange, is seeking a valuation of up to Rs 5.26 lakh crore ($55 billion) for its IPO, with existing shareholders planning to sell around 6% of the company's shares.
SEBI Chairman Tuhin Kanta Pandey has indicated that the regulator is nearing the approval of the draft red herring prospectus (DRHP) filed by NSE for the IPO. The regulatory approval clears the last major hurdle for the exchange's long-awaited IPO, which has been delayed due to legal and regulatory issues.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
