HDFC Bank increases stake in NDSL

The bank has acquired an additional stake of 4.95 per cent in NSDL, which now hold 9.95 per cent of the paid-up share capital of NDSL. The stakes were acquired from Axis Bank.

HDFC Bank has bought stakes in NDSL from an investment perspective. The acquisition is for a cash consideration of Rs. 163.34 crore for 19,79,900 equity shares. The deal is priced at Rs. 825 per equity share and will be completed by the end of the calendar year 2018. The bank has received no-objection from the Securities and Exchange Board of India for the acquisition.

NSDL is engaged in providing depository and depository related services. For FY17-18, NDSL reported a consolidated income of Rs. 30,992.43 lakh with a total assets of Rs. 79,822.85 lakhs.

Following the divestment, Axis Bank now holds 0.05 per cent in NSDL.

In early morning trade on Monday, the stock was quoting Rs. 1,935.00 per share, down by 1.39 per cent, while Axis Bank was at Rs. 549.50 per share, up by 2.26 per cent. The benchmark BSE Sensex was at 33,529.86, up by 180.55 points or 0.54 per cent.