National Stock Exchange of India Limited makes a corporate announcement

The subsidiary is National Coal Exchange of India Limited, which was then wholly owned by NSE. The Board approved divesting up to 40% through a secondary sale of its equity shares ^[1].

For FY26, NSE did not separately report the subsidiary’s contribution to consolidated revenue or consolidated PAT. Accordingly, its revenue and PAT contribution—both in ₹ terms and as a percentage of NSE’s consolidated figures—could not be confirmed.

No transaction value can yet be calculated. NSE’s board approved the sale of up to 40% of National Coal Exchange of India Limited through a secondary sale, but explicitly stated that the terms would be finalised later. Therefore, the consideration, price per share, and implied 100% equity valuation are not available. ^[1]

The mechanics would be:

• Implied 100% valuation = consideration paid for the 40% stake ÷ 40%
• Equivalently, if the 40% stake were sold for `₹X Cr`, the implied valuation would be `₹2.5X Cr`.

The comparison with book value also cannot presently be quantified. The carrying amount of National Coal Exchange of India Limited in NSE’s latest audited standalone balance sheet—the relevant accounting benchmark for a wholly owned subsidiary—could not be confirmed from the cited filing. Accordingly, neither the premium/discount to carrying value nor any implied gain or loss on sale can be calculated.

Once both figures are disclosed, the relevant comparison will be:

`Valuation premium/(discount) = implied 100% valuation ÷ carrying value of subsidiary − 1`

Also, because this is a secondary sale by NSE, the consideration would accrue to NSE as the selling shareholder; it would not be fresh capital raised by the subsidiary.

No specific closing conditions have been disclosed for the proposed divestment. The November 3 announcement records only board approval to sell up to 40% of National Coal Exchange of India Limited through a secondary sale, in one or more tranches. It also states that further Regulation 30 disclosures will be made once the transaction terms are finalised or another disclosable event occurs. ^[2]

Accordingly:

• SEBI approval or NOC: No SEBI clearance is identified as a condition precedent to the divestment.
• Other statutory approvals: No approval from RBI, CCI, the Ministry of Corporate Affairs, the coal-sector regulator, or any other statutory body is specified.
• Transaction documentation and terms: The terms were still to be finalised; the announcement does not identify the buyer, pricing, stake-sale structure beyond a secondary sale, signing date, or closing date. ^[2]
• Closing status: Board approval should therefore be treated as authorisation to pursue the sale, not evidence that the transaction has closed. The actual completion mechanics—execution of definitive documents, satisfaction of any transaction-specific consents, and transfer/settlement of shares—could not be confirmed from the disclosure.

A separate NSE announcement requiring RBI approval after receiving a SEBI NOC relates to the proposed launch of Corporate Bond Index Futures, not to the National Coal Exchange divestment. ^[3]

The next material disclosure should clarify whether any regulatory or shareholder consents are required and whether the final transaction documents have been executed.