Computer Age Management Services (CAMS), a key stock market infrastructure company, will see the National Stock Exchange (NSE) completely exit as its shareholder. CAMS has announced an initial public offering and the NSE is offloading 37.5 per cent of its stake via offer for sale.
According to market sources, CAMS has upsized the IPO size by 50 per cent to allow the NSE divest its holdings. Earlier, the mutual fund transfer agency was looking to offload 1.846 crore shares through the IPO.
In total, the NSE holds nearly 45 per cent stake in CAMS and it will dilute the remaining shares, too, shortly.
The NSE had bought stake in CAMS in 2014. But, SEBI said that the exchange failed in taking prior permission of the regulator and hence it was in violation of regulations of the Securities Contract Act.
Before the NSE picked up its stake in CAMS, the BSE