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Stock Report
HDFC Bank to offer partial stake in offer for sale of NSDL
Posted On : 2023-07-08 23:22:22( TIMEZONE : IST )
HDFC Bank Limited (the "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 (being up to 40,00,000 equity shares), as stated in the Draft Red Herring Prospectus dated July 7, 2023, filed with Securities and Exchange Board of India on July 8, 2023. This is in addition to the Bank's past divestment of 1% stake in NSDL via definitive agreements dated December 2, 2022.
Basis the audited consolidated financial statements of NSDL for the year ended March 31, 2023, the total income for period was Rs. 1,099.81 crores and Profit after Tax (PAT) was Rs. 234.81 crores. Total Assets were Rs 2093.48 crores.
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.
The cash consideration for First Tranche was Rs. 110,00,00,000 (Rupees One Hundred Ten Crores only). The cash consideration for Second Tranche is subject to the terms of the proposed IPO and such flexibility on pricing, timing and other IPO considerations, as may be permitted under applicable law.
Post the divestment of First Tranche, the Bank holds 8.95% stake in NSDL. The divestment in the Second Tranche is for up to 2% equity stake.
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 has three operating segments; depository, database management services and banking services.
Shares of HDFC Bank Limited was last trading in BSE at Rs. 1660.75 as compared to the previous close of Rs. 1674.75. The total number of shares traded during the day was 505656 in over 19654 trades.
The stock hit an intraday high of Rs. 1675.00 and intraday low of 1655.75. The net turnover during the day was Rs. 840551195.00.
