BSE-promoted Central Depository Services Ltd (CDSL) has filed its draft red herring prospectus (DRHP) for an initial public offering (IPO) of up to 3.52 crore shares on 27 December 2016 with the markets regulator Securities and Exchange Board of India (Sebi).
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BSE, SBI, Bank of Baroda and The Calcutta Stock Exchange together hold 65.65% stake in CDSL, with BSE alone holding 50%. BSE will be divesting the largest portion of shares, with the exchange looking to sell almost 26% stake of CDSL.
CDSL was set up in 1999 by BSE along with banks such as State Bank of India (SBI), Bank of India, Bank of Baroda, HDFC Bank Ltd, Standard Chartered Bank and Union Bank of India.
BSE’s plan to divest its stake in CDSL comes at a time when the exchange is planning an IPO of its own to provide an exit route to its investors.
BSE had informed shareholders on 28 May that it would sell as much as 30% stake before 31 March 2017 through an OFS, with a possible fresh sale of equity tagged on.
CDSL is a depository, facilitating holding of securities in electronic form. CDSL and National Stock Exchange-promoted National Securities Depository (NSDL) are the only two depositories in the country.