StanChart Bank likely to sell entire 7.2% stake in CDSL via block deals: Report

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MUMBAI – Standard Chartered Bank is likely to exit Central Depository Services (India) Ltd by selling its entire 7.2% stake in the company through block deals on Wednesday, according to media reports.

The bank has put 75 lakh shares in a block for sale and the floor price for the same is Rs 1,672/share. This is at a discount of over 6% to the current market price of the stock.

On Tuesday, shares of CDSL ended 0.1% lower at Rs 1,785 on the National Stock Exchange.

StanChart seeks at least $151 million through the sale of the holding, reports said.

CDSL was set up in 1999 by BSE, along with banks such as State Bank of India, Bank of India, Bank of Baroda, HDFC Bank, Standard Chartered Bank, and Union Bank of India.

As a depository, CDSL facilitates the holding of securities in electronic form. CDSL and National Stock Exchange-promoted National Securities Depository Ltd are the only two depositories in India. Foreign portfolio investors in Category-I held over 10% stake in CDSL as of December end, insurance companies about 8%, and mutual funds nearly 13%. For the quarter ended December, CDSL reported a consolidated net profit of Rs 107 crore, compared to Rs 75 crore a year ago.

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