CDSL shares drop 6% after Standard Chartered likely exits in Rs 1,250-crore block deal

Shares of Central Depository Services Ltd (CDSL) on Wednesday fell up to 6.4% to the day’s low at Rs 1,675 on NSE amid a large block deal in which Standard Chartered Bank is believed to have sold its entire shareholding in the company.

Investment banker JPMorgan had last evening issued a term sheet for a block deal in which Standard Chartered Bank offered to sell its entire 7.18% stake at a floor price of Rs 1,672 per share.

The deal size is estimated to be worth Rs 1,250 crore at floor price. But a confirmation about the deal would come in the evening when exchanges release block deal data.

CDSL was set up in 1999 by BSE, along with banks such as State Bank of India, Bank of India, Bank of Baroda, HDFC Bank, Standard Chartered Bank, and Union Bank of India.

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