India markets regulator approves NSDL IPO

IDBI Bank

08/10/2024 05:46

Oct 8 (Reuters) - India's markets regulator has approved
an initial public offering by National Securities Depository Ltd
(NSDL) more than a year after the company filed draft papers, a
regulatory notice showed late on Monday.
    NSDL, which handles most of the securities held and settled
in dematerialised form in the Indian capital market, had filed
for an IPO in July 2023, but the Securities and Exchange Board
of India (SEBI) put the offering on hold a month later.    
    Shareholders, including IDBI Bank  IDBI.NS , National Stock
Exchange of India and HDFC Bank  HDBK.NS , are looking to sell a
combined 57.3 million shares in the IPO. NSDL is not selling new
shares in the offering. 
    NSDL will become the second depository services firm to list
in India. Shares of peer Central Depository Services Ltd
 CENA.NS  have risen more than 10-fold since its 2017 listing.

 (Reporting by Chris Thomas in Bengaluru; Editing by Mrigank
Dhaniwala)
 ((chris.thomas@thomsonreuters.com;))