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Axis Bank sold 4.95 percent stake in National Securities Depository Limited (NSDL) to its peer HDFC Bank for a consideration of Rs 163.34 crore.
Post-sale, Axis Bank would be left with 0.05 percent 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 percent to 9.95 percent.
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 percent, no-objection has been received from the Securities and Exchange Board of India (SEBI).
