SBI leads all sellers at 24.75 million shares — nearly 55% more than the next-largest, MS Strategic (Mauritius) Limited at 16.00 mn. Canada Pension Plan Investment Board ranks third at 11.87 mn, despite carrying the highest cost base of any seller at ₹324.13 per share (vs. SBI's ₹0.80).
The PSU bloc dominates the offer. Five state-owned insurers — GIC (10.66 mn), New India Assurance (10.50 mn), National Insurance (6.00 mn), United India Insurance (6.00 mn) — combined with Stock Holding Corporation of India (10.89 mn) contribute ~54.5 million shares, roughly 37% of the total 148.9 mn-share OFS.
Concentration is sharp at the top: the 10 largest sellers account for ~118.9 million shares, or ~80% of the entire offer. The CPPIB anomaly is the key outlier — third by volume, yet its WACA dwarfs every other seller's entry cost, making it a uniquely high-stakes exit. WACA figures certified by Manian & Rao, Chartered Accountants (FRN: 001983S), dated June 17, 2026.
India's nominal GDP has expanded from $0.47 trillion in FY2001 to $3.92 trillion in FY2026 — a more than eightfold rise in 25 years. The IMF projects that trajectory to reach $6.79 trillion by FY2032, at which point India is expected to displace Japan and Germany to become the world's third-largest economy.
Investor confidence is tracking that ascent in real time. FPI Assets Under Custody in India stood at $735 billion as of March 31, 2026, with financial services alone accounting for 27.81% of total FPI AUC — the single largest sectoral slice.
Monthly gross GST revenue averaged ₹0.95 trillion in FY21; by 11M FY26 that figure had more than doubled to ₹1.94 trillion, hitting a record ₹2.23 trillion in April 2025. India's sovereign credit rating was upgraded to 'BBB' (Stable) by a Big 3 agency in August 2025 — its first investment-grade step-up in decades.
Real GDP growth of 7.60% in FY26 — the highest among all G20 economies — completes the macro picture. For institutional sellers sitting on cost bases as low as ₹0.32–₹0.80 per share, exiting into a market buoyed by a credit upgrade, record tax revenues, and peak foreign-investor interest represents a window that may not reopen on identical terms.
