Axis Bank sells 4.95 pct stake to HDFC Bank for Rs 163 crore
Axis Bank sold 19,79,900 shares at a price of Rs 825 per unit.
- Country:
- India
Axis Bank Friday sold 4.95 per cent stake in National Securities Depository Limited (NSDL) to its peer HDFC Bank for a consideration of Rs 163.34 crore.
Post the sale, Axis Bank would be left with 0.05 per cent holding in NSDL, the lender said in a filing.
NSDL is primarily engaged in the business of providing depository services.
Axis Bank sold 19,79,900 shares at a price of Rs 825 per unit.
With the acquisition, HDFC Bank's holding will increase from the current 5 per cent to 9.95 per cent.
According to a filing by HDFC Bank, NSDL is a depository and so for increasing the bank's equity stake in the entity beyond 5 per cent, no objection has been received from the Securities and Exchange Board of India (Sebi).
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