Comments
Axis Bank, on Friday, announced it would sell 4.95 per cent stake in National Securities Depository (NSDL) to HDFC Bank for ₹163.34 crore.
“The bank has executed an agreement for sale of 19.79 lakh equity shares at ₹825 per share with HDFC Bank, resulting in a total cash consideration of ₹163.34 crore,” it said in a regulatory filing. After the sale, its stake in NSDL would fall to 0.05 per cent. Following the acquisition, HDFC Bank’s holding in NSDL will increase to 9.95 per cent, from its current holding of 5 per cent.
“NSDL is a depository. Hence, for increasing the bank’s equity stake in NSDL beyond 5 per cent, a no-objection has been received from the Securities and Exchange Board of India,” HDFC Bank said in a filing to the stock exchanges. The transaction is expected to be completed by December-end .
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.