HDFC Bank divests over 25% stake in CDSL for Rs 223 crore

HDFC Bank has divested more than 2 per cent stake in Central Depository Services (India) Ltd (CDSL) in tranches during June-August this year, garnering nearly Rs 223 crore from the sale, according to a regulatory filing.

HDFC Bank sold 23,11,000 equity shares of face value of Rs 10 each fully paid up held by the bank in CDSL through the secondary market route on the NSE, the private bank said in the regulatory filing.

The divestment of 2.21 per cent stake in Central Depository Services (India) Ltd took place over a period from June 22 to August 24, 2021.

The bank sold 20,36,000 shares (1.95 per cent) of CDSL at an average price of Rs 937.46 per piece on June 22. On August 23, it sold 2,13,481 shares at Rs 1,168.94 apiece and on August 24, it sold 61,519 shares for Rs 1,119.31 apiece.

The shares were sold for a cash consideration of Rs 222.71 crore, HDFC Bank said.

CDSL provides depository services to market participants. It has three operating services: depository, data entry and record keeping of KYC documents of capital market investors, and repository.

Repository provides policyholders and warehouse receipt holders the facility to keep insurance policies and warehouse receipts in electronic form, as well as to undertake changes, modifications and revisions in it.