Axis Bank sells 4.95% stake in NSDL to HDFC Bank for Rs 1.63 billion

Axis Bank on Friday sold 4.95 per cent stake in National Securities Depository Limited (NSDL) to its peer HDFC Bank for a consideration of Rs 1.63 billion.

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).