Zania-Editor
The Securities Exchange Board of India (SEBI) has approved the initial public offering (IPO) of the National Securities Depository Ltd (NSDL), India’s largest depository. On September 30, SEBI issued an observation letter, which means NSDL can now proceed with its public issue.
The IPO will only include an offer for sale, with NSDL planning to sell up to 5.72 crore equity shares, each with a face value of Rs 2. According to the draft red herring prospectus filed on July 7, 2023, several stakeholders will be selling their shares: IDBI Bank, which owns nearly 26% of NSDL, will sell up to 2.22 crore shares, while the National Stock Exchange (NSE), holding a 24% stake, will offer 1.8 crore shares.
Other shareholders include the State Bank of India (5% stake), which will sell 40 lakh shares, Union Bank of India (2.8% stake), which will sell 56.2 lakh shares, and Canara Bank (2.3% stake). The Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will sell 34 lakh shares, and HDFC Bank, which has an 8.95% stake, will sell 2% of its shares.
NSDL, established in November 1996, is the leading depository in India, measured by various metrics, including the number of issuers and market share in demat settlement volume as of March 31, 2023.
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