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NEW DELHI (Reuters) - HDFC Bank will sell a 2% stake in the initial public offering (IPO) of National Securities Depository (NSDL), the lender informed exchanges on Sunday.

HDFC Bank holds 8.95% stake in NSDL, which handles most of the securities held and settled in dematerialised form in the Indian capital market

If the listing goes ahead as planned, NSDL would become the second depository after peer Central Depository Services Limited in 2017 to be listed on the domestic bourses.

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

HDFC Bank plans to divest a 2% stake in the National Securities Depository (NSDL) through its IPO. The bank will offload up to 40 lakh equity shares. Additionally, HDFC Bank will announce its Q1 results for FY24 on July 12.

If the listing plans fructify, NSDL would become the second depository services company to be listed on the domestic bourses, post the bumper market debut of peer CDSL in 2017

If the listing plans come to fruition, NSDL will become the second depository services company to be listed on domestic stock exchanges, following the successful market debut of its peer, Central Depository Services Limited (CDSL), in 2017

NSDL, Indias largest depository, has filed its Draft Red Herring prospectus with SEBI for an initial public offering.

Get latest articles and stories on Latest News at LatestLY. National Securities Depository Ltd (NSDL) has filed draft papers with markets regulator Sebi for its initial public offering. Latest News | NSDL Files Draft Papers with Sebi for IPO.

If its plans fructify, NSDL will be second such entity to be listed after CDSL, which is now trading in NSE