Standard Chartered Bank Exits Stake in Protean eGov Technologies

Standard Chartered Bank sold its entire 3.09% stake in Protean eGov Technologies for Rs 225 crore through an open market transaction. This move comes amid a decline in Protean eGov's net sales and profits for the June quarter. The buyers remain unidentified.

In a significant move, British multinational Standard Chartered Bank has exited Protean eGov Technologies by selling its entire 3.09 per cent stake for Rs 225 crore through an open market transaction.

Bulk deal data from the BSE reveals that Standard Chartered Bank offloaded 12.50 lakh shares at an average price of Rs 1,799.79 each, totalling Rs 224.97 crore. At the end of the June quarter, the bank held a 3.09 per cent stake in Protean eGov Technologies.

While buyers for the shares remain undisclosed, Protean eGov Technologies closed 1.19 per cent lower at Rs 1,845.45 per share on the BSE. This comes on the heels of a 10.83 per cent year-on-year decline in its consolidated net sales for the June quarter, alongside a 34.52 per cent drop in net profit.