HDFC Bank plans to divest a 2% stake in the NSDL IPO

HDFC Bank has announced its intention to sell a 2% stake in the upcoming initial public offering (IPO) of the National Securities Depository (NSDL), as stated in the communication submitted to the exchanges on Sunday. 

Currently, HDFC Bank holds an 8.95% stake in NSDL, which serves as the primary platform for holding and settling dematerialized securities in the Indian capital market. 

The NSDL's draft red herring prospectus (DRHP) released on July 7 reveals that a total of 57.3 million shares will be offered for sale by its six shareholders. 

IDBI Bank plans to sell 22.2 million shares, the National Stock Exchange will sell 18 million shares, Union Bank of India will sell 5.62 million shares, and State Bank of India and the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) intend to sell 4 million and 3.4 million shares respectively. Completing the group of shareholders participating in the IPO is HDFC Bank.

Content source: Media reports