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CAMS IPO: NSE sells all of CAMS ‘stake through IPO; expected problem details

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NEW DELHI: NSE sells its entire stake in Computer Age Management Services (CAMS) via a sell offer, with Great Terrain Investment backed by Warburg Pincus becoming the promoter of the company. The IPO update is expected to be announced on Wednesday and the issue is expected to hit the market next Monday.

According to the red herring prospectus released on Tuesday, NSE Investments Limited (NSEIL) is selling 18,246,600 CAMS equity shares. NSEIL held 37.5% of the shares, or 1.82.85,000 shares, in CMS as of March 31, 2019, according to NSE’s annual report for fiscal year 2019-2020.

CAMS was as an associate of the group until February 4, 2020, NSE said in its 2020 annual report.

CAMS ‘draft prospectus filed with Sebi on January 9 suggested an offer to sell 12,164,400 shares, which included an offer of up to 4,144,600 shares by Great Terrain, up to 6,099,876 shares by NSEIL, up to 944,724 shares per Acsys, up to 487,600 shares per HDFC and up to 487,600 shares per HDB Trust.

NSE Investments had acquired a 44.99% stake in CAMS in fiscal year 14. National Stock Exchange of India (NSE), the holding company, received a letter from Sebi stating that NSE should have obtained prior clearance of Sebi for the acquisition of a stake in CAMS, an associated company, through its wholly-owned subsidiary NSE Investments Limited during fiscal year 2014, which resulted in a violation of stock market regulations and the clearing company (SECC), 2018.

In the same letter, Sebi ordered NSE to sell all of its stake in CAMS (currently 37.50 percent) within one year; to withdraw his mandate as director of CAMS and not to exercise the voting rights and to benefit from the social advantages linked to the shareholding. SEBI has further stated that this is without prejudice to any other action that SEBI may take for non-compliance with Regulation 38 (2) of SECC Regulations, 2018 read with Regulation 41 (3) of SECC Regulations, 2012.

So far the gray market expects a price range of Rs 1,200 to 1,240 for the issue and on that basis the unlisted shares of CAMS have traded at a premium of Rs 350-360 on the unlisted market. The upper limit of the price range suggests an issue size of almost Rs 2,260 crore.

“CMS is ordering a gray market premium of Rs 350-360. This is based on a projected price of Rs 1,230,” said Sagar Shah of Sagar Shah of Ascent Wealth Managers. Dinesh Gupta of the unlisted zone sees a similar premium on the gray market of Rs 358-362. He sees the price range in the Rs 1,200-1,240 range.



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