HDFC Bank to divest 2% stake in NSDL via initial public offering; to announce Q1 results on 17 July
₹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.
However, the second tranche which is a 2% stake is subject to terms of the proposed IPO and hence the sale price per share and cash consideration will be revealed in due course. Hence, if HDFC Bank successfully offloads a 2% stake in NSDL through the IPO, then the lender's shareholding will drop to 6.95%.
NSDL is a depository set up to carry on, regulate and manage the business of providing depository and clearing and settlement services in respect of securities and instruments of all kinds. NSDL filed for a draft red herring prospectus for the IPO before market watchdog Sebi on July 7, 2023.
The overall IPO comprises of fresh issue of equity shares having a face value of ₹2 each and an offer for sale of up to 57,260,001 equity shares. Apart from HDFC Bank, other lenders like IDBI Bank, NSE, Union Bank of India, SBI, and Shares by Administrator of the Specified Undertaking of the Unit Trust of India --- are collectively the selling shareholders in the offer for sale.
In another news, HDFC Bank also announced that the board of directors meeting will be held on Monday, July 17, 2023, to inter-alia consider the unaudited standalone and consolidated financial results for the first quarter ending June 30, 2023. Last week, on Friday, HDFC Bank's share price closed at ₹1660.75 apiece down by 0.84% on BSE.Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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