SBI to sell 2% stake in IPO-bound NSDL

State Bank of India (SBI) on Monday said it proposes to sell 2 per cent stake by offloading 40 lakh shares in depository organisation NSDL.

The bank intends to participate in an Initial Public Offering (IPO) of National Securities Depositories Limited (NSDL), SBI said in a regulatory filing.

SBI holds 5 per cent stake in the NSDL while it intends to divest 2 per cent in the Offer For Sale (OFS) subject to the terms of the proposed IPO, it said.

SDL is a depository set-up to carry on, regulate and manage the business of providing depository and clearing and settlement services in respect of securities and instruments of all kinds.

It has three operating segments -- depository, database management services, and banking services.