Shares of Central Depository Services Ltd (CDSL) on Wednesday fell up to 6.4 per cent to the day’s low at Rs 1,675 on NSE amid a large block deal in which Standard Chartered Bank is believed to have sold its entire shareholding in the company.
The floor price for the block deal has been fixed at Rs 1,672 per share, which represents a 6.3 per cent discount to the last close of Rs 1,785.
The offering type is 100 per cent secondary placement and JPMorgan India is likely to be the advisor for the proposed block deal.
CDSL received its certificate of commencement of business from SEBI in February 1999 and it facilitates holding and transacting in securities in the electronic form and facilitates settlement of trades on stock exchanges.
Standard Chartered Bank – Corporate Banking has been holding its 75 lakh shares or 7.18 per cent of the total equity of CDSL since its IPO, as per the company’s RHP document.
As per the December quarter shareholding pattern, India’s Mutual Funds have a 12.95 per cent stake in CDSL with prominent names like Parag Parikh Flexi Cap Fund, Invesco India Focused 20, PGIM India and Nippon Life having a stake in excess of 1 per cent.
Shares of CDSL are trading 5.5 per cent lower at Rs 1,691. The stock had made its stock market debut in 2017 at an IPO price of Rs 149. The stock is up over 10x from its IPO price. The stock has gained 85 per cent over the last 12 months.
In November last year, CDSL became the first depository to register 10 crore Demat accounts.
CDSL and its subsidiaries provide various services to financial intermediaries and markets. Its subsidiaries include CDSL Ventures, CDSL Insurance Repository Ltd, and CDSL Commodity Repository Ltd.
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