Latest News | SBI to Sell 2 Pc Stake in IPO-bound NSDL

New Delhi, Jul 10 (PTI) State Bank of India (SBI) on Monday said it proposes to sell 2 per cent stake by offloading 40 lakh shares in depository organisation NSDL.

The bank intends to participate in an Initial Public Offering (IPO) of National Securities Depositories Limited (NSDL), SBI said in a regulatory filing.

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SBI holds 5 per cent stake in the NSDL while it intends to divest 2 per cent in the Offer For Sale (OFS) subject to the terms of the proposed IPO, it said.

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.

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It has three operating segments -- depository, database management services, and banking services.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)