Standard Chartered Bank to sell its 7.18% stake in CDSL for $151 mn: Report

Stsandard Chartered Bank may sell its entire stake in Central Depository Services (India) Ltd through block deals. The bank has a 7.2% stake in the company.

The bank has put 75 lakh shares in a block for sale at Rs 1,672 per share, which is about 6.3% discount to the last close of Rs 1,785, CNBC TV18 reported. JPMorgan India is likely to be the advisor for the proposed block deal.

The CDSL stock ended 0.1 per cent lower at Rs 1,785 per share on NSE on Tuesday.

At the end of December 31, 2023, Standard Chartered held 75 lakh shares in CDSL, equivalent to 7.18 per cent of the depository’s equity.

Central Depository Services (India) Limited, floated in 1997, is a publicly listed company engaged in the business of investment services. In February 1999, CDSL received its certificate of commencement of business from SEBI. CSDAL facilitates holding and transacting in securities in the electronic form and facilitates settlement of trades on stock exchanges.

In Q3 FY2024, CDSL’s net profit was at Rs 85.72 crore, up by 36.69% from Rs 62.71 crore in December 2022. EBITDA was at Rs. 121.66 crore in December 2023 up 39.47% from Rs. 87.23 crore in December 2022. CDSL EPS increased to Rs 8.20 in December 2023 from Rs 6.00 in December 2022.