National Stock Exchange of India Limited makes a corporate announcement

The subsidiary is National Coal Exchange of India Limited, which was wholly owned by NSE when the Board approved a divestment of up to 40% through one or more secondary share sales ^[1].

Its FY26 contribution to NSE’s consolidated revenue and PAT could not be confirmed: the cited audited disclosures do not separately report National Coal Exchange of India Limited’s revenue or profit after tax for the most recent completed audited financial year. NSE’s disclosed consolidated figures therefore cannot be used to attribute a specific amount to this subsidiary.

No valuation is implied yet. NSE’s board approved a divestment of up to 40% of National Coal Exchange of India Ltd. through a secondary sale, but stated that the transaction terms would be finalised later; no consideration or per-share price was disclosed. ^[1]

Accordingly:

• Implied 100% equity valuation: Not calculable. It would equal `consideration for 40% ÷ 40%`.
• Transaction price versus carrying value: Not calculable because neither the sale consideration nor a separately identifiable carrying value for NCEIL in NSE’s latest standalone balance sheet could be confirmed for the half year ended September 30, 2026. The latest standalone results cover that period. ^[2]
• Once disclosed, the relevant comparison will be:
• Sale consideration: price paid for the 40% stake.
• Book-value benchmark: 40% × NSE’s standalone carrying amount of its investment in NCEIL.
• Premium or discount: `(sale consideration ÷ 40% of carrying value) − 1`.

The transaction is therefore presently an approval to sell, not a priced divestment; any valuation or premium/discount conclusion would be premature.

No specific contractual provisions for the remaining 60% have been disclosed. As of the 3 November 2026 board approval, NSE had approved divestment of up to 40% of National Coal Exchange of India through a secondary sale in one or more tranches; the subsidiary was then wholly owned, implying a potential retained stake of 60% if the full 40% is sold ^[3].

The reported material does not disclose:

• a lock-in period for NSE’s retained 60%;
• a ROFR or similar transfer right;
• a pre-agreed timetable or mechanism for NSE to exit the balance stake.

Moreover, the transaction was still described as a proposed sale, with final terms yet to be finalised ^[4]. Therefore, the retained 60% should be viewed as an ownership position following the proposed dilution—not as evidence of a contractual pathway to a complete exit. Any such rights would need to appear in the definitive share-purchase, shareholders’ or other transaction agreements, which were not reported.