HDFC Bank sells 2.21% stake in CDSL

HDFC Bank sold 23,11,000 equity shares, or 2.21% stake, of Central Depository Services (India) (CDSL) from 22 June 2021 to 24 August 2021.

On 22 June 2021, the private sector bank sold 20,36,000 equity shares of CDSL (being 1.95% equity stake) through the secondary market route on NSE. On 23 August 2021, the bank sold 2,13,481 equity shares of CDSL (being 0.20% equity stake) through the secondary market route. On 24 August 2021, the bank sold 61,519 equity shares of CDSL (being 0.06% equity stake) through the secondary market route on NSE. Following the transactions, the shareholding of HDFC Bank in CDSL currently stands at 4.97%.

The deal was executed in open market and HDFC Bank received a total cash consideration of Rs 222.71 crore. The sale was carried out an average price of Rs 937.46 per share on 22 June 2021, Rs 1,168.94 per equity share on 23 August 2021 and at Rs 1,119.31 per share on 24 August 2021.

CDSL is a securities depository set up with the objective of providing depository services to market participants. CDSL has three operating segments: depository, data entry and storage (centralized record keeping of KYC document of capital market investors) and repository. The company posted a 38.4% rise in consolidated net profit to Rs 63.87 crore on a 79.7% rise in net sales to Rs 117.28 crore in Q1 FY22 over Q1 FY21.

HDFC Bank is one of India's leading private banks. As of 30 June 2021, the bank's distribution network was at 5,653 branches and 16,291 ATMs /cash deposit & withdrawal machines (CDMs) across 2,917 cities /towns.

Shares of HDFC Bank rose 2.31% at Rs 1,558.75 on BSE while CDSL gained 3.51% to close at Rs 1,190 on NSE.

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