India's securities market regulator approved the initial public offering of National Securities Depository Ltd. on Monday. The maiden issue of the Mumbai-based securities depository will consist only of an offer for sale component.
The Securities and Exchange Board of India issued an observation on Sept. 30, for the company's public offering. ICICI Securities Ltd. is the book-running lead manager for the issue, SEBI's statement showed.
In SEBI's parlance, obtaining the observation letter means its go-ahead to float the public issue.
The national depository filed the draft red herring prospectus for its initial public offering with the market regulator in July last year. Through the IPO, NSDL will sell up to 5.72 crore shares through the issue of equity shares with a face value of Rs 2, according to the draft prospectus.
National Securities Depository Ltd. is the largest depository in India, as of March 31, 2023, measured by the number of issuers, active instruments, market share in demat settlement volume, and the value of assets held under custody.
In November 1996, NSDL became the pioneer of securities dematerialisation in India following the implementation of the Depositories Act.
The markets regulator has held JSW Cement Ltd.'s initial public offering worth Rs 4,000 crore. The offerings were kept 'in abeyance' and the securities board refused to provide any details.
The same statement showed that Hero Motors Ltd. withdrew its draft papers for its Rs 900-crore initial public offering on Monday.
Pankaj Munjal's Hero Motors filed preliminary papers with the Securities and Exchange Board of India to sell shares worth an aggregate of Rs 900 crore through an IPO. The IPO was a combination of fresh issues of shares worth Rs 500 crore and an offer for sale of shares worth Rs 400 crore.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
