CDSL Gets SEBI Nod For Additional Investment In India International Bullion Holding IFSC
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Central Depository Services (India) Limited (CDSL) has announced an additional investment in India International Bullion Holding IFSC Limited (IIBHL). The Securities and Exchange Board of India (SEBI) has approved the investment, which is set to be completed by the end of August 2024.

What Happened: According to an exchange filing by CDSL, the depository service provider is set to invest an additional ₹20 crore in IIBHL. The investment will be made through a banking channel transfer via the ODI Route. The completion of the acquisition process in IIBHL is expected by August 31, 2024.

See Also: Mazagon Dock Shipbuilders Secures ₹4,676 Cr Contract From ONGC

IIBHL is a holding company for Bullion Project, funding its subsidiaries, India International Bullion Exchange IFSC Limited and India International Depository IFSC Limited. These subsidiaries provide a bullion importing platform and depository functions respectively. The company’s turnover for the year ended March 31, 2024, was ₹22.95 crore.

The investment is part of CDSL’s efforts to maintain the net worth in IIBX as per IFSCA. The Board of IIBHL has decided that any investment in IIBX shall be infused by IIBHL, including any consortium member of IIBHL.

This investment announcement comes on the heels of a strong Q1 performance by CDSL, which saw an 82% year-on-year jump in net profit to ₹134.20 crore. The company’s revenue in the quarter was up 72% to ₹257.38 crore.

The depository service provider also announced a bonus issue of shares in a 1:1 ratio last month. This bonus issue is subject to the approval of shareholders in the ensuing 26th Annual General Meeting of the company to be held on August 17, 2024.

Read Next: ONGC Gets Govt’s Green Light For ₹18,365 Crore Investment In OPaL


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