India’s markets regulator has approved an initial public offering by National Securities Depository Ltd (NSDL) more than a year after the company filed draft papers, a regulatory notice showed late on Monday.
NSDL, which handles most of the securities held and settled in dematerialised form in the Indian capital market, had filed for an IPO in July 2023, but the Securities and Exchange Board of India (SEBI) put the offering on hold a month later.
Shareholders, including IDBI Bank IDBI.NS, National Stock Exchange of India and HDFC Bank HDBK.NS, are looking to sell a combined 57.3 million shares in the IPO. NSDL is not selling new shares in the offering.
NSDL will become the second depository services firm to list in India. Shares of peer Central Depository Services Ltd CENA.NS have risen more than 10-fold since its 2017 listing.
Reuters