The markets regulator Securities and Exchange Board of India (Sebi) has put the proposed IPO of securities depository NSDL in “abeyance”, according to a report by PTI.
Sebi on its website on Thursday said that “issuance of observations (has been) kept in abeyance” with regard to the IPO of NSDL.
The National Securities Depository Ltd (NSDL) had filed its draft papers with the Sebi on July 7.
According to the draft papers, NSDL’s proposed initial public offering (IPO) is a complete offer-for-sale (OFS) of more than 5.72 crore equity shares by existing shareholders.
Under the offer, IDBI Bank plans to offload 2.22 crore shares, National Stock Exchange (NSE) 1.80 crore shares, Union Bank of India 56.25 lakh shares, State Bank of India and HDFC Bank will offload 40 lakh shares each. Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will also sell 34.15 lakh shares of the depository, according to the draft papers.
A certain portion of the issue will be reserved for NSDL’s eligible employees as well and the company may offer a discount to them on the offer price.
NSDL shares are proposed to be listed on the BSE, as per the draft papers.
In financial year 2023, NSDL revenue stood at ₹1,099.81 crore and its net profit was at ₹234.81 crore, higher than the previous fiscal year.
As of March 31, 2023, NSDL is the largest depository in India in terms of number of issuers, active instruments, market share in demat value of settlement volume and value of assets held under custody.
NSDL is a Sebi-registered market infrastructure institution offering a wide range of products and services to the financial and securities markets in India. Following the introduction of the Depositories Act in 1996, NSDL pioneered the dematerialisation of securities in India in November 1996.
(With inputs from PTI)
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Updated: 03 Aug 2023, 10:07 PM IST