NSDL gets Sebi nod to float IPO; NSE, HDFC Bank, SBI to pare stakes

NSDL, Standard Glass Lining Technology, and Zinka Logistics Solutions receive Sebi's approval for IPOs, raising funds through share sales.

Leading depository National Securities Depository Ltd (NSDL) has received Sebi's go-ahead to launch its initial public offering (IPO), an update with the markets regulator showed on Tuesday (October 8, 2024).

Apart from NSDL, Standard Glass Lining Technology and Zinka Logistics Solutions received Sebi's go-ahead to raise funds through initial share sales.

NSDL's proposed IPO is a complete offer for sale (OFS) of more than 5.72 crore equity shares by shareholders, including National Stock Exchange of India (NSE), State Bank of India (SBI), and HDFC Bank, as per the draft red herring prospectus (DRHP).

The clearance from the Securities and Exchange Board of India (Sebi) came more than a year after the company submitted its preliminary IPO to the regulator in July 2023.

The depository obtained Sebi's observation on September 30, the update showed.

In Sebi's parlance, obtaining its observation means go-ahead to launch public issues.

Under the OFS, IDBI Bank plans to offload 2.22 crore shares, NSE will divest 1.80 crore shares, Union Bank of India to sell 56.25 lakh shares, State Bank of India, and HDFC Bank will offload 40 lakh shares each.