Overview

• NSDL trimmed its IPO to 50.15 million shares from 57.26 million in a late-May DRHP addendum.
• Unlisted NSDL stock has slid roughly 19–20% from 52-week highs to around ₹975–1,035 in grey market trades following HDB Financial’s debut.
• The entire issue is an offer-for-sale by existing holders, with IDBI Bank offloading an 11.11% stake and NSE selling 9%, and no fresh equity on offer.
• A banking consortium led by ICICI Securities, with Axis Capital, HDFC Securities, IDBI Capital, SBI Capital Market and Motilal Oswal Investment Advisors, will manage the transaction and MUFG Intime India will serve as registrar.
• SEBI has extended NSDL’s listing deadline to July 31, 2025, after shareholders diluted stakes to comply with the regulator’s 15% cap.