HDFC Bank to sell 2% stake in NSDL IPO

NEW DELHI, July 9 (Reuters) - HDFC Bank (HDBK.NS) will sell a 2% stake in the initial public offering (IPO) of National Securities Depository (NSDL), the lender informed exchanges on Sunday.

The lender holds a 8.95% stake in NSDL, which handles most of the securities held and settled in dematerialised form in the Indian capital market.

In its draft red herring prospectus (DRHP) dated July 7, the depository said the IPO will see sales of 57.3 million shares by its six shareholders.

IDBI Bank (IDBI.NS) will sell up to 22.2 million shares, while National Stock Exchange will sell 18 million shares it owns in the depository.

Union Bank of India (UNBK.NS) will sell 5.62 million shares, and State Bank of India(SBI.NS), and Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will sell 4 million and 3.4 million shares, respectively. The sixth shareholder participating in the IPO is HDFC Bank.