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CDSL raises Rs 154.06 crore from anchor investors

Capital Market 

Allots 1.03 crore at Rs 149 per share

Central Depository Services (India) (CDSL) has raised Rs 154.06 crore from anchor investors by selling 1.03 crore The were allotted to the anchor investors at Rs 149 per share, the top end of the Rs 145 to Rs 149 per share price band for the initial public offering (IPO).

Anchor investors included FIL Investments (Mauritius), ICICI Prudential Dividend Yield Equity Fund, HDFC Standard Life Insurance Co., IDFC Equity Fund, DSP BlackRock, SBI Mutual Fund, Tata Mutual Fund, HSBC Indian Equity Mother Fund, Axis Mutual Fund, IIFL Special Opportunities Fund, Abu Dhabi Investment Authority, and Goldman Sachs India among others.

The IPO opened for bidding today, 19 June 2017. The IPO closes on 21 June 2017. Listing will only be on the National Stock Exchange (NSE) and not on the BSE as the latter is the promoter of the depository.

Promoter BSE subsequently divested a part of its stake to leading Indian banks. Currently, BSE holds 52,297,850 equity aggregating to 50.05% of the subscribed and paid-up equity share capital.

The issue comprises offer for sale (OFS) of up to 35,167,208 equity by the promoters and sponsors. The entire proceeds from the OFS will be paid to the selling shareholders. The OFS includes sale of equity share of up to 27,217,850 equity by the promoter of the company up to 47,75,000 equity by the State Bank of India, up to 21,74,358 equity by Bank of Baroda and up to 10 lakh equity by the Calcutta Stock Exchange.

The OFS will mop up proceeds of Rs 509.92 crore at the lower price band of Rs 145 per share (face value Rs 10 per share) and Rs 523.99 crore at the upper band of Rs 149 per share. Post-IPO, the promoter's stake will reduce to 24% from 50.05%.

Consolidated sales were up 19% to Rs 146 crore and the operating profit margins increased from 52% to 54.4%, resulting in a 24% spurt in operating profit to Rs 79.42 crore in FY2017. After providing total tax of Rs 29.98 crore, consolidated profit after tax stood at Rs 86.59 crore.

is the leading securities depository in India by incremental growth of beneficial owner (BO) accounts. However, in terms of market share, the company is the second largest depository in India. The depository commenced in 1999 to provide convenient, dependable and secure depository services at affordable cost to all market participants.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 19 2017. 10:57 IST