Leading securities depository Central Depository Services (CDSL) has received clearance from the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO). Its public issue comprises an offer for sale by shareholders including BSE, State Bank of India, Bank of Baroda and Calcutta Stock Exchange.
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Going by the draft papers, little over 3.5 crore shares would be offloaded by CDSL through the offer for sale (OFS) route and out of the total, 7 lakh shares would be reserved for the employees. Four shareholders — BSE, SBI, Bank of Baroda and the Calcutta Stock Exchange — would be selling stakes in CDSL through the initial share sale. The IPO is estimated to be worth Rs 450 crore ($67 million), valuing CDSL around Rs 1500 crore.
CDSL, is promoted by BSE Ltd. BSE, which holds 50.05% stake in CDSL, got listed on the stock exchange earlier this month. The IPO got approval from Sebi on 8 February. It had filed its draft red herring prospectus with Sebi on 28 December.
CDSL facilitates deposits of securities by opening an account. Securities such as shares, debentures and bonds of investors are held in electronic form (dematerialized form) at the depositories.