NSE made its debut on Thursday on BSE. In June, NSE had planned to issue 14.89 cr shares, nearly 6% of its total equity, valued at around ₹30,000 cr. The current filing shows a smaller amount, of ₹22,561.57 cr. Since it was solely an offer for sale, none of the proceeds goes to the exchange. Instead, every rupee will go to an institution that has supported the vision of a modern Indian market for the past 30 years and has remained quiet on that decision.
The smaller number is interesting based on when it arrived. It appeared after reports indicated that the institutional book showed interest, reaching ₹85,000 cr. Sellers typically don't withdraw at a demand of that magnitude. Yet, several public sector insurers did.
