Private sector lender HDFC Bank has announced it will sell a 2% stake of the total 8.95% stake it holds in the National Securities Depository(NSDL) through participating in the Initial Public Offering (IPO). HDFC Bank also conveyed that it will announce its Q1FY24 on July 12.

“HDFC Bank proposes to participate in an Initial Public Offering (“IPO”) of National Securities Depository Limited (“NSDL”), by way of an offer for sale of up to 2% equity stake held by the Bank in NSDL.” said the bank on Saturday evening.

HDFC Bank will offload up to 4 million shares in NSDL.

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

IDBI Bank 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 will sell 5.62 million shares, and State Bank of India 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.