State Bank of India shares gain on stake sale in NSDL

NSDL filed its draft red herring papers with the market regulator on July 8.

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Shares of State Bank of India (SBI) rose on Tuesday, July 11, after the bank announced that it will divest its 2 percent stake in the National Securities Depositories’ (NSDL) initial public offering via offer for sale.

SBI currently holds a 5 percent stake in NSDL and will divest a 2 percent stake or 4,000,000 equity shares, said the company in an exchange filing dated July 10. According to 5Paisa, NSDL’s base price could be around Rs 610, according to which SBI will earn Rs 244 crore with the stake sale.

The stock was up 0.27 percent up at Rs 594.20 at 9.19 am on the National Stock Exchange. SBI shares have lost 3 percent since January 1.

NSDL filed its draft red herring papers with the market regulator on July 8. The IPO is an offer for sale (OFS) of 57,260,001 shares. However, date is not yet revealed.

Besides SBI, the National Stock Exchange, HDFC Bank, IDBI Bank, and Union Bank of India will also be divesting their stakes in NSDL.

NSDL is a depository set up to carry on, regulate and manage the business of providing depository and clearing and settlement services in respect of securities and instruments of all kinds.

According to the IPO papers, NSDL is the largest depository in India in terms of number of issuers, number of active instruments, market share in Demat value of settlement volume, and value of assets held under custody.

SBI’s revenue increased 16 percent year-on-year (YoY) to Rs 473,378 crore in FY23. Net profit grew 57 percent to Rs 55,648 crore YoY in the same period. EBITDA margins increased 87 basis points YoY.

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