Protean eGov Technologies (formerly NSDL e-Governance Infrastructure) has filed papers with market regulator Sebi for an initial public offer. The company will offer 1.20 crore equity share of Rs 10 face value being divested by the existing shareholders.

Entities that would offload its holding includes IIFL Special Opportunities Fund (10.95 lakh shares), IIFL Special Opportunities Fund Series-2 (7.62 lakh), IIFL Special Opportunities Fund Series-3 (3.53 lakh), IIFL Special Opportunities Fund Series-4 (9.45 lakh), IIFL Special Opportunities Fund Series-5 (7.36 lakh), administrator of the specified undertaking of the Unit Trust of India 4.30 lakh, NSE Investments (31.59 lakh), HDFC Bank (7.88 lakh), Axis Bank (12.61 lakh), Deutsche Bank AG (12.61 lakh), Punjab National Bank (5.75 lakh) and Union Bank of India (7.09 lakh).

The company is into providing e-governance facility for the Government and public services. The strategic objective of e-governance is to support and simplify governance for all parties including government, citizens and businesses. Crisil Research expects domestic IT services' revenue to log a compounded annual growth rate of 6-8 per cent.

The growth will be led by the upgrades related to the technology and platform, and e-governance initiatives of the Central and State governments. E-governance aims to make interactions between government and citizens, government and business enterprises, and inter-agency relationships more friendly, convenient, transparent and economical, said the company’s DRHP.

The proceeds from IPO will go to the selling shareholders and the company will not receive any proceeds. The objective of the offer are to achieve the benefits of listing the Equity Shares on the stock exchange.

The company’s net profit was down at Rs 92 crore in the fiscal ended March against Rs 122 crore logged in the previous year. The net profit in the June quarter was also down at Rs 10 crore against Rs 12 crore logged in the same period last year.

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