Standard Chartered Bank Looks To Sell Entire 7.18% Stake In CDSL
CDSL is an Indian central securities depository and also the only publicly traded depository in India.
Standard Chartered Bank—Corporate Banking is looking to sell its entire 7.18% stake in Central Depository Services (India) Ltd. through a block deal, according to the term sheet seen by NDTV Profit.
The block deal size is around $151 million. The floor price is at Rs 1,672 per equity share, which is at a discount of 6.5% to the last close of Rs 1,788.90. In terms of the number of shares, the deal comprises up to 7.5 million equity shares. The offering type is 100% secondary placement, according to the term sheet.
The sheet also mentioned that JPMorgan India is the advisor on the proposed block trade, which is expected on Wednesday.
CDSL is an Indian central securities depository and the only publicly traded depository in India.
In June 2023, the BSE executed a block deal in CDSL, offloading almost a 5% stake, according to media reports.
Shares of CDSL closed 0.09% higher at Rs 1,788.9 apiece on the NSE, compared to a 0.42% decline in the benchmark Nifty 50 on Tuesday.
An email with queries sent to CDSL did not elicit a response, whereas Standard Chartered Bank and JPMorgan declined to comment.