NSDL is said to plan $400 million IPO for July

National Securities Depository Ltd. is pressing ahead with its plan for an initial public offering that is expected to raise about $400 million, according to people familiar with the matter.

The proposed listing of India’s oldest depository, which was initially cleared by the market regulator in October last year, is now slated to take place as soon as July, according to the people, who asked not to be named as the information is private.

The listing of NSDL, the country’s largest depositary in terms of assets under custody, is being managed by ICICI Securities Ltd., Axis Capital Ltd., HSBC Holdings Plc and IDBI Capital, and will comprise of 50.1 million shares, based on previous stock-exchange statements from the company.

The share offering is the outcome of an offer for sale by major investors including, IDBI Bank Ltd., National Stock Exchange of India Ltd. and State Bank of India, and NSDL itself won’t receive any proceeds, according to the earlier statements.

NSDL’s managing director and chief executive, Vijay Chandok, declined to comment on the potential timeline for the IPO, when telephoned by Bloomberg. A spokesperson for the company didn’t immediately respond to calls made to their mobile phone.