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Reuters
an hour ago
- Business
- Reuters
India's NSDL IPO fully subscribed within hours of launch, says exchange data
July 30 (Reuters) - National Securities Depository Ltd's 40-billion-rupee ($458 million) IPO was fully subscribed within hours of launch on Wednesday, with bids for 36 million shares against 35.1 million on offer, exchange data showed. The company had raised 12 billion rupees from marquee investors including the Life Insurance Corporation of India ( opens new tab, U.S.-based Capital International on Tuesday in the anchor round of the IPO. Shares were allotted at the upper end of the price band of 760 rupees to 800 rupees. The issue will close on August 1. The portion reserved for retail investors was subscribed 1.16 times, while non-institutional investors had bid for 1.09 times the allotted portion, data on exchange website showed. The qualified institutional investors had also bid for 72% of the portion allocated for them. Analysts said NSDL's issue was fairly priced at 47x of FY25 earnings. "Given its strong market position, high entry barriers, and long-term growth tailwinds from India's digital and capital market expansion, we assign a 'subscribe' rating for long-term investors," Angel One said in a note. ($1 = 87.3470 Indian rupees)
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Business Standard
14 hours ago
- Business
- Business Standard
NSDL raises ₹1,201 crore from anchor investors ahead of IPO opening
The National Securities Depository Ltd. (NSDL) mobilised over ₹1,201 crore from institutional investors on Tuesday, a day before its initial share-sale opening for public subscription. This anchor portion witnessed participation from domestic and foreign institutional investors, including Life Insurance Corporation of India (LIC), Smallcap World Fund Inc, SBI Mutual Fund (MF), Fidelity Funds and Nippon India MF, according to a circular uploaded on the BSE's website. SBI Life Insurance Company and HDFC Life Insurance Company, Abu Dhabi Investment Authority, Ashoka WhiteOak India Opportunities Fund, ICICI Prudential MF and HDFC MF are also among the investors. Of these, LIC was the largest investor, picking up nearly 1.8 million shares, amounting to 11.99 per cent of the total anchor book, for ₹144 crore. According to the circular, NSDL has allotted over 15 million equity shares to 61 funds at ₹800 apiece. This aggregates the transaction size to ₹1,201.4 crore. The ₹4,011-crore initial public offering (IPO) is scheduled to open on July 30 and conclude on August 1. The price band has been set at ₹760 to ₹800 per share. The depository's maiden public issue solely consists of offer-for-sale (OFS) component of 5.01 crore shares and those selling shares under this are -- National Stock Exchange of India (NSE), State Bank of India (SBI), HDFC Bank, IDBI Bank, Union Bank of India and Administrator of Specified Undertaking of the Unit Trust of India (SUUTI). Since the public issue is entirely an OFS, NSDL will not receive any proceeds from the IPO. At the upper end of the price band, NSDL's maiden public issue is expected to fetch ₹4,011 crore, valuing the company at ₹16,000 crore. This upcoming listing will make NSDL the country's second publicly traded depository after Central Depository Services (CDSL), which was listed on the NSE in 2017. The listing of NSDL is crucial in order to comply with SEBI's ownership norms. These regulations require that no entity can hold more than 15 per cent of the shareholding in a depository company. NSDL's principal shareholders, IDBI Bank and the NSE, are required to reduce their stake in the company to comply with SEBI's rule. Currently, IDBI holds 26.10 per cent and NSE owns 24 per cent stake in NSDL, which exceeds the permissible limit. NSDL is a SEBI-registered market infrastructure institution offering a wide range of products and services to the financial and securities markets in India. Following the introduction of the Depositories Act in 1996, it pioneered the dematerialisation of securities in India in November 1996. For the full financial year 2024-25, the depository's net profit surged by 24.57 per cent to ₹343 crore and total income rose to ₹1,535 crore, a 12.41 per cent increase over FY 2023-24. The company announced that half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investo₹and the remaining 15 per cent for non-institutional buyers. Investo₹can bid for a minimum lot size of 18 shares and in multiples of 18 thereafter. Investo₹are required to make a minimum investment of ₹14,400 to avail one lot of shares. ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Adviso₹and SBI Capital Markets are the book running lead managers to the issue. Shares of NSDL are expected to list on August 6.
News18
14 hours ago
- Business
- News18
Ahead of IPO, NSDL raises Rs 1,201 crore from anchor investors
New Delhi, Jul 29 (PTI) The National Securities Depository Ltd. (NSDL) mobilised over Rs 1,201 crore from institutional investors on Tuesday, a day before its initial share-sale opening for public subscription. This anchor portion witnessed participation from domestic and foreign institutional investors, including Life Insurance Corporation of India (LIC), Smallcap World Fund Inc, SBI Mutual Fund (MF), Fidelity Funds and Nippon India MF, according to a circular uploaded on the BSE's website. SBI Life Insurance Company and HDFC Life Insurance Company, Abu Dhabi Investment Authority, Ashoka WhiteOak India Opportunities Fund, ICICI Prudential MF and HDFC MF are also among the investors. Of these, LIC was the largest investor, picking up nearly 18 lakh shares, amounting to 11.99 per cent of the total anchor book, for Rs 144 crore. According to the circular, NSDL has allotted over 1.5 crore equity shares to 61 funds at Rs 800 apiece. This aggregates the transaction size to Rs 1,201.4 crore. The Rs 4,011-crore initial public offering (IPO) is scheduled to open on July 30 and conclude on August 1. The price band has been set at Rs 760 to Rs 800 per share. The depository's maiden public issue solely consists of offer-for-sale (OFS) component of 5.01 crore shares and those selling shares under this are — National Stock Exchange of India (NSE), State Bank of India (SBI), HDFC Bank, IDBI Bank, Union Bank of India and Administrator of Specified Undertaking of the Unit Trust of India (SUUTI). Since the public issue is entirely an OFS, NSDL will not receive any proceeds from the IPO. At the upper end of the price band, NSDL's maiden public issue is expected to fetch Rs 4,011 crore, valuing the company at Rs 16,000 crore. This upcoming listing will make NSDL the country's second publicly traded depository after Central Depository Services (CDSL), which was listed on the NSE in 2017. The listing of NSDL is crucial in order to comply with SEBI's ownership norms. These regulations require that no entity can hold more than 15 per cent of the shareholding in a depository company. NSDL's principal shareholders, IDBI Bank and the NSE, are required to reduce their stake in the company to comply with SEBI's rule. Currently, IDBI holds 26.10 per cent and NSE owns 24 per cent stake in NSDL, which exceeds the permissible limit. NSDL is a SEBI-registered market infrastructure institution offering a wide range of products and services to the financial and securities markets in India. Following the introduction of the Depositories Act in 1996, it pioneered the dematerialisation of securities in India in November 1996. For the full financial year 2024-25, the depository's net profit surged by 24.57 per cent to Rs 343 crore and total income rose to Rs 1,535 crore, a 12.41 per cent increase over FY 2023-24. The company announced that half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional buyers. Investors can bid for a minimum lot size of 18 shares and in multiples of 18 thereafter. Investors are required to make a minimum investment of Rs 14,400 to avail one lot of shares. ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors and SBI Capital Markets are the book running lead managers to the issue. Shares of NSDL are expected to list on August 6. PTI SP DIV view comments First Published: July 30, 2025, 00:15 IST News agency-feeds Ahead of IPO, NSDL raises Rs 1,201 crore from anchor investors Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
16 hours ago
- Business
- Business Standard
RIL holds 88th position in Fortune Global 500, maintains top spot in India
Reliance Industries Ltd. (RIL) has maintained its position as India's highest-ranked company in the Fortune Global 500 list for 2025, securing the 88th spot globally. While the rank is marginally lower than last year's 86th, the company has climbed 67 places since 2021, when it stood at 155. This marks the 22nd consecutive year that RIL has featured on the prestigious list—longer than any other private-sector Indian firm. The Fortune Global 500 list ranks companies by total revenues for the fiscal year ended on or before 31 March 2025. India is represented by nine companies this year—five from the public sector and four from the private sector. Apart from RIL, the other Indian companies on the list include LIC (#95), Indian Oil Corporation (#127), State Bank of India (#163), ONGC (#181), HDFC Bank (#258), Tata Motors (#283), BPCL (#285), and ICICI Bank (#464). Reliance closed FY25 with record-high consolidated gross revenues of ₹1,071,174 crore, marking a 7.1% year-on-year increase. EBITDA rose 2.9% to ₹183,422 crore, with all major segments—O2C, Oil & Gas, Retail, and Digital Services—posting healthy growth. However, the depreciation of the Indian rupee from 83.35 per dollar in March 2024 to 85.45 in March 2025 weighed on RIL's dollar-denominated revenues.
Time of India
2 days ago
- Business
- Time of India
LIC bond activity: LIC steps up bond hedging with $1 billion forward rate agreement deals; partners JPMorgan and BofA in market push
Life Insurance Corporation of India has ramped up its activity in the bond derivatives market, entering into $1 billion worth of forward rate agreements (FRAs) with global lenders including JPMorgan Chase & Co. and Bank of America Corp., Bloomberg reported, citing people familiar with the matter. The deals, executed over the past two months, now represent 38% of the total $2.6 billion in FRA volumes since May, according to data from the Clearing Corporation of India's website. LIC, which manages assets worth $630 billion, had first announced its intent to enter the bond derivatives market in November and has since significantly increased its trading volume after a few small early transactions, Bloomberg reported. The insurer's rising footprint in this segment reflects a growing appetite among Indian financial institutions for sophisticated hedging instruments. FRAs allow companies like LIC to lock in future bond yields, providing protection against falling interest rates that could otherwise hurt fixed-income returns. LIC and Bank of America did not respond to Bloomberg's queries, while JPMorgan declined to comment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Japanese AI invention allows you to speak 68 languages instantly. The idea? Genius. Enence 2.0 Undo In a typical FRA, the insurer agrees to buy a bond at a predetermined price at a future date, with the counterparty bank assuming the price risk in exchange for a premium. To manage exposure, banks often acquire matching long-term bonds. According to sources, LIC's increased participation has lifted demand for long-term securities. Bloomberg reported that the last two bond auctions recorded the highest bid-to-cover ratios of the fiscal year starting April 1. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
