NSDL files draft papers to float IPO; IDBI Bank, NSE, SBI, HDFC paring stakes

10 Jul 2023 , 11:56 AM

National Securities Depository Limited (NSDL), India’s largest SEBI registered depository, has submitted draft papers to the markets regulator for raising funds through an initial public offer (IPO).

The IPO will consist solely of an offer for sale, with IDBI Bank, NSE, HDFC Bank, Union Bank of India, and ABI collectively offloading up to 57,260,001 Equity Shares.

The offer for sale of equity shares includes IDBI Bank Limited offering up to 22,220,000 Equity Shares, National Stock Exchange of India Limited offering up to 18,000,001 Equity Shares, Union Bank of India offering up to 5,625,000 Equity Shares, State Bank of India offering up to 4,000,000 Equity Shares, HDFC Bank Limited (SS) offering up to 4,000,000 Equity Shares, and Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) offering up to 3,415,000 Equity Shares.

The offer also includes a reservation of equity shares for subscription by eligible employees, and the company, along with the selling shareholders, may offer a discount of the offer price to eligible employees participating in the employee reservation portion.

The Book Running Lead Managers for the issue are ICICI Securities Limited, Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, IDBI Capital Markets & Securities Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited.

In addition to its depository services, NSDL has introduced various other services. It initiated PAN card services and an online tax accounting system in 2004, introduced online uploading of central excise challan data in 2005, enabled delivery of shares through mobile phones in 2007, became the registrar of the Unique Identification System leading to the Aadhaar card in 2011, and diversified into banking services in 2015, receiving a payment bank license from the RBI along with 10 other entities.