Standard Chartered Bank To Sell Entire 7.18% Stake In CDSL For $151 Mn

Standard Chartered Bank's corporate banking arm is reportedly planning to divest its entire 7.18 per cent stake in Central Depository Services (India) (CDSL) for USD 151 million in a block deal, as per a media house on 26 March.

The floor price for the block deal has been set at Rs 1,672 per share, representing a 6.3 per cent discount to the last closing price of Rs 1,785. This offering will be a 100 per cent secondary placement, with JPMorgan India expected to act as the advisor for the proposed block deal.

Established in February 1999, CDSL received its certificate of commencement of business from Securities and Exchange Board of India (SEBI). It facilitates the holding and transacting of securities in electronic form and aids in the settlement of trades on stock exchanges.

In the December quarter, CDSL witnessed a 44 per cent increase in sales to Rs 169.5 crore, while its standalone net profit surged by 37 per cent to Rs 86 crore on an annual basis. EBITDA stood at Rs 121.66 crore in December 2023, marking a 39.47 per cent rise from Rs 87.23 crore in December 2022. Furthermore, CDSL's EPS rose to Rs 8.2 in December 2023 from Rs 6 in December 2022.