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HDFC Bank to divest 2% stake in NSDL via IPO
July 10, 2023
HDFC Bank has announced its plan to participate in the initial public offering (IPO) of the National Securities Depository (NSDL). The bank will divest a 2% stake in NSDL. In other news, HDFC Bank also said it will announce its Q1 results for FY24 on July 12.
On late Saturday, the bank said, “HDFC Bank proposes to participate in an Initial Public Offering (“IPO”) of National Securities Depository Limited (“NSDL”), by way of an offer for sale of up to 2% equity stake held by the Bank in NSDL.”
That being said, HDFC Bank will offload up to 40 lakh equity shares in NSDL. This is part of the bank’s partial divestment of equity stake held in NSDL.
Also, it is in addition to a 1% stake sale in NSDL through definitive agreements on December 2 last year.
HDFC Bank said, “The divestment through the IPO by way of an offer for sale of up to 2% equity stake (“Second Tranche”) is subject to the terms of the proposed IPO, and subject to such flexibility on pricing, timing, and other IPO considerations, as may be permitted under applicable law.”
In the first tranche of stake sale which was 1% at ₹2,750 per equity share in NSDL, HDFC Bank bagged a cash consideration of ₹110 crore. After the first tranche stake sale, HDFC Bank held an 8.95% stake in NSDL.
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