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CDSL shares jump 80% on stock market debut

LiveMint logoLiveMint 30-06-2017 Ami Shah

Mumbai: Shares of Central Depository Services (India) Ltd (CDSL) rose 80% on debut on Friday, after its Rs524 crore initial public offer (IPO) received a robust subscription of more than 170 times when it closed earlier this month.

CDSL shares opened 68% higher on the National Stock Exchange (NSE) at Rs250 apiece, compared to the issue price of Rs149, which was the upper end of the price band of Rs145-149 per share.

At 10.05am, they were up 80% at Rs267.33, while the benchmark 50-share Nifty index traded 0.44% lower at 30,720.42 points. Earlier in the day, the shares touched a high of Rs268 and a low of Rs250.

The IPO, which was a pure offer for sale, saw the company’s existing shareholders—stock exchange BSE India Ltd, the country’s top lender State Bank of India Ltd (SBI), Bank of Baroda Ltd and The Calcutta Stock Exchange—sell around 35.16 million shares.

BSE, which is selling 27.2 million shares in the IPO, will receive Rs405.5 crore, while other sellers such as SBI, Bank of Baroda and The Calcutta Stock Exchange will make Rs71.1 crore, Rs32.3 crore and Rs14.9 crore, respectively.

Collectively, these selling shareholders own a 65.65% stake in CDSL. BSE, which owns a 50.05% stake in the company, will see its stake fall to 24% after the offering. SBI’s stake will drop to 5%. ####SUBBOX####

CDSL serves customers such as depository participants, companies, capital market intermediaries and insurance companies.

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