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The NSE announced a slew of measures, including dividend and bonus shares to reward its existing shareholders before it files the offer document for an initial public offering by 2017.
The NSE board also decided that the IPO would be an offer-for-sale of equity shares by its shareholders. This, it said, was subject to terms as may be laid down by the board, receipt of regulatory approvals and market conditions. In its board meeting on October 4, the NSE has declared an interim dividend of ₹79.5 for each share of face value ₹10 each for fiscal FY17, the payout of which would happen by October 31, 2016.
Record date: Oct 17
The record date to determine the eligibility for payment of dividend was fixed as October 17.
The NSE board also decided to issue bonus shares in the proportion of 1:10, i.e., one bonus share would be issued for every 10 shares held.
Though the record date for the issuance would be announced later, the NSE estimated that these shares would be credited to the shareholders’ account by November 30.
The NSE has an authorised capital of ₹50 crore (sub-divided into five crore shares of face value ₹10 each).
Of this, ₹45 crore is fully paid-up. With the issuance of bonus shares its paid-up equity share capital would go up to 4.95 crore shares of ₹10 each.
Stock spilt
The NSE also decided to spilt the face value of its shares to ₹1 each from ₹10 and decided that shareholders would receive 10 shares of ₹1 each for every share of ₹10 they held. The split would be done after effecting the bonus share allotment and has been announced keeping in mind future corporate actions the exchange may undertake in compliance with applicable regulations.
The record date for the split would be announced later. The likely date of completion of the stock split is December 15, and is subject to shareholder and regulatory approvals.
The authorised capital of the bourse after the spilt would then be 49.5 crore shares of ₹1 each.
Shareholders
At the end of June 2016, IFCI held 3.55 per cent stake in the company, Tiger Global Five Holdings and Norwest Venture Partners owned 3 and 2.11 per cent stake, respectively. In all, 17 foreign portfolio investors collectively held 9.29 per cent stake in the NSE while three venture capital funds had 3.76 per cent stake.
Six insurance companies collectively hold 19.84 per cent stake in the exchange, of which LIC controls 12.51 per cent stake, GIC 1.64 per cent and National Insurance Co 1.42 per cent.
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