National Stock Exchange of India Limited makes a corporate announcement

The subsidiary is National Coal Exchange of India Limited. NSE’s board approved the divestment of up to 40% through a secondary sale in one or more tranches; it was wholly owned by NSE at the time of approval. ^[1]

For the most recent completed fiscal year, FY26, the subsidiary’s standalone contribution to NSE’s consolidated financials was not separately disclosed. Therefore, its revenue and PAT contribution—and the corresponding percentages—are N/D — not disclosed.

For reference, NSE’s FY26 consolidated base was ₹16,601 Cr of revenue from operations and ₹10,302 Cr of PAT; these are group totals, not the subsidiary’s contribution. ^[2]

The disclosure does not state any total consideration, price per share, or implied valuation for the divestment of up to 40% in National Coal Exchange of India Limited. It also says the transaction terms are yet to be finalised ^[1].

The disclosed transaction structure is limited to:

• Secondary sale of equity shares
• One or more tranches
• Sale by NSE, which currently wholly owns the subsidiary ^[1]

It does not specify whether the buyers will be strategic investors, whether the transaction will be conducted as a private placement, or whether it will involve a public offering. Accordingly, the only confirmed mechanism is a secondary share sale; consideration, valuation, buyer identity and detailed execution route remain unconfirmed.

The board resolution does not state a separate strategic intent for the remaining 60% holding. It only approves the divestment of up to 40% of National Coal Exchange of India Limited, which is currently wholly owned by NSE, through a secondary sale in one or more tranches. Therefore, assuming a full 40% sale, NSE would retain up to 60%, but the resolution does not describe that stake as a permanent holding, a strategic investment, or a position intended for a later sale. ^[1]

It also does not specify any lock-in period, put/call option, mandatory future sale, or other exit clause for the acquirer. The resolution says that the transaction terms were still to be finalised and that further disclosures would be made when those terms were settled or another disclosable event occurred. ^[1]

Implication: the filing establishes only the approved transaction framework—not NSE’s long-term ownership policy for the residual stake or the acquirer’s future exit rights. Those provisions, if any, would need to appear in the definitive transaction documents or subsequent disclosures.