HDFC Bank plans 2% stake sell in NSDL IPO

HDFC Bank plans 2% stake sell in NSDL IPO

HDFC Bank Plans to 2% Stake Sell in NSDL IPO

HDFC Bank recently announces its intention to 2% stake sell in the upcoming initial public offering (IPO) of National Securities Depository Limited (NSDL), as stated by the bank in its communication with the exchanges on Sunday.

Currently, HDFC Bank holds an 8.95% stake in NSDL, which serves as a prominent platform for the dematerialized trading and settlement of securities in the Indian capital market.

According to the draft red herring prospectus (DRHP) released on July 7 by NSDL, the IPO will witness the sale of 57.3 million shares by six shareholders.

Among these shareholders, IDBI Bank plans to sell up to 22.2 million shares, while the National Stock Exchange intends to divest 18 million shares of its ownership in NSDL.

Additionally, Union Bank of India is set to sell 5.62 million shares, while State Bank of India and the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) have plans to sell 4 million and 3.4 million shares, respectively. The sixth shareholder participating in the IPO is HDFC Bank itself.

About HDFC Bank:

HDFC Bank Limited, based in Mumbai, is a prominent Indian banking and financial services institution. As of July 2023, it stands as the largest private sector bank in India in terms of assets and the fourth largest globally in terms of market capitalization. This impressive position was achieved through the acquisition of its parent company, HDFC.

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