Transaction Overview

Soach Global Strategic Holdings Limited, a wholly‑owned subsidiary of Soach Global Opportunities Fund (Mauritius), is executing a partial exit from its decade‑long investment in the National Stock Exchange of India Limited (NSE). The fund will sell 1,650,000 equity shares, which constitute 20% of its total holding, through the offer‑for‑sale mechanism that opened with NSE’s initial public offering on 21 September 2026.

Financial Details

The fund originally acquired 150,000 NSE shares from Industrial Finance Corporation of India Limited (IFCI) in January 2016 at a price of ₹3,950 per share, amounting to an investment of ₹59.25 crore. Over the subsequent ten years, corporate actions (including stock splits and bonus issues) increased the holding to 8,250,000 shares without any additional cash outlay, resulting in an adjusted average acquisition cost of ₹71.8 per share. The current sale price band is set at ₹1,700 to ₹1,785 per share, which values the 1,650,000 shares being sold at approximately ₹280 crore to ₹295 crore. This transaction realizes nearly five times the fund’s entire original investment, equating to an overall return of roughly 25 times. The remaining 6,600,000 shares (80% of the position) will be retained, with a market valuation in the range of ₹1,120 crore to ₹1,180 crore based on the same price band.

Management Commentary

Anubhav Dayal, Founder and Director of Soach Global Opportunities Fund, explained that the partial exit is intended to broaden retail ownership of NSE. He noted that out of India’s 1.4 billion population, only about 130 million are registered investors on NSE, presenting a significant growth opportunity. Dayal likened NSE share ownership to the traditional Indian practice of buying gold for long‑term holding, suggesting that retail investors can benefit from NSE’s growth in a similar manner. He emphasized NSE’s high‑technology, multi‑asset platform—covering equities, commodities, electricity futures, bond index futures, and coal—and projected that as India develops, the list of tradable products will expand, enhancing revenue on a largely fixed‑cost base.

About Soach Global

Soach Global Opportunities Fund, incorporated in Mauritius, is the parent entity of Soach Global Strategic Holdings Limited, which holds the NSE equity. The broader Soach Global group, headquartered in Hong Kong, engages in fund management and advisory services, focusing on businesses that facilitate trade and long‑term investment in India and globally. The group plans to diversify into additional sectors leveraging Hong Kong’s status as an international financial hub.

About Anubhav Dayal

Anubhav Dayal brings over 20 years of banking and investment advisory experience, having begun his career with HSBC Group in India, later managing HSBC’s Non‑Resident Indian business for Asia‑Pacific, and serving as Director of Marketing at Societe Generale Bank and Trust, Hong Kong. He is active in India’s capital‑market innovation ecosystem, having won the Virtual Food Grain Asset (VFGA) concept in the Manthan Ideathon organized by SEBI and major exchanges. Dayal intends to establish a VFGA exchange platform in Gujarat International Finance Tec‑City (GIFT City) to enable tokenised food‑grain trading with overseas buyers, potentially adding to India’s foreign‑exchange reserves. His academic credentials include an LL.M. in Corporate and Financial Law (University of Hong Kong), an LL.B. (University of Delhi), a Professional Certificate in FinTech (University of Hong Kong), a Postgraduate Diploma in Management (Amity Business School, Noida), and a B.Sc. (Statistics Honours) from Hindu College, University of Delhi.

About NSE

The National Stock Exchange of India Limited operates a high‑speed, technology‑driven, multi‑asset trading platform that settles trades in nanoseconds. Its product suite spans equities, commodities, electricity futures, bond index futures, and coal, with expectations of further product additions as the Indian economy matures.