Bse To Reduce Stake In Cdsl To 25 Per Cent
The Bombay Stock Exchange (BSE) is set to divest its stake in its subsidiary Central Depository Services Ltd (CDSL) from the current 55 per cent to 25 per cent in favour of strategic partners.
The banks which are planning to take stake in CDSL include Standard Chartered Bank, Centurion Bank, Global Trust bank, Jammu & Kashmir Bank and Bank of Maharastra. The Calutta Stock Exchange (CSE) and the Delhi Stock Exchange (DSE) are also picking up one per cent stake each for a total consideration of Rs 2 crore. Unit Trust of India is also planning to take up around 10-15 per cent stake in CDSL which would take some time as modalities of the equity participation and clearences are pending.
Standard Chartered Bank and Global Trust Bank will collectively pick up around 15 per cent stake for Rs 7.5 crore each. Centurion Bank and Bank of Maharastra will be buying around five per cent stake each in the depository for Rs 5 crore each.
The remaining would be taken up by Jammu & Kashmir Bank and the UTI. BSE is the majority stake holder in CDSL with around 55 percent stake. CDSL has an equity share capital of Rs 101 crore.
BSE plans to divest its holding in its subsidiary and bring it down to 25 per cent over a period of time. Apart from BSE, State Bank of India and Bank of India hold around 20 per cent stake worth Rs 10 crore eash. Bank of Baroda and HDFC bank collectively own around 10 per cent stake each with having an individual investment of Rs 5 crore.
Earlier, BSE had reduced its stake from 66 per cent to 55 per cent by divesting to a group of banks.
The applications of the five banks, which attained the approval of the Reserve Bank of India (RBI) recently, are being awaited for the Securities and Exchange Board of India's approval.
Though all the strategic partners have already subscribed to the equity capital, they will reach a formal agreement in a month's time.
At present, CDSL has 76 depository participants on its roll and an individual client base of around 34,400.