IFCI Shares Skyrocket 12% After SEBI Chief Drop This Hint On NSE IPO | R Business Stock Update

IFCI Share Price: The stock price of IFCI, a public sector NBFC, surged as much as 12% to hit an intraday high of Rs 62.98 after SEBI Chief Tuhin Kanta Pandey hinted National Stock Exchange (NSE) IPO will receive its NOC later this month.

“Already indicated the NOC (for NSE IPO) will likely be given later this month," said Pandey at a recently held public event.

IFCI indirectly holds 2.35% stake in NSE via Stock Holding Corporation of India (SHCIL). The New-Delhi headquartered company owns a majority stake in the firm at 52.86 per cent.

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The NBFC's effective stake in NSE through SHCIL is valued at nearly Rs 13,000 crore, as against its market capitalisation of Rs 16,400 crore, if the Rs 5 lakh crore valuation occurs for NSE.

Insurance majors such as General Insurance Corporation of India, Life Insurance Corporation of India, and The New India Assurance Company hold stakes of 1.64%, 10.72% and 1.42%, respectively.

“In principle, we agree for settlement,” Pandey said on Thursday, while signalling a key regulatory hurdle for the NSE's long-delayed initial public offering has been removed.

Pandey’s remarks come amid heightened market focus on NSE’s listing prospects. The settlement, which SEBI has agreed to in principle, is widely seen as a crucial step towards granting the no-objection certificate (NOC) required for NSE to move ahead with its IPO.

However, the highly-anticipated IPO is 6-8 months away after its receives the NOC, with DHRP process taking 3–4 months once the NOC is received.

As of 2:50 pm, the IFCI share price rose as much as 10.05% to Rs 61.77 apiece. 

NSE is India's biggest bourse and one of the world's most active derivatives exchange. This broader stock market exchange has been attempting public listing on the BSE since 2016.