Leading securities depository CDSL, promoted by BSE, on Tuesday filed the draft papers for an initial public offer through which it plans to sell more than 3.5 crore shares.

Four shareholders – BSE, SBI, Bank of Baroda and the Calcutta Stock Exchange – will sell stakes in Central Depository Services (India) Ltd. through the IPO.

A little over 3.5 crore shares would be offloaded through the offer for sale route and out of the total, 7 lakh shares would be reserved for the employees, as per the draft red herring prospectus.

Net offer would constitute 32.98 percent of CDSL’s post offer paid up equity share capital.

BSE, which holds 50.05 percent stake in the entity, is itself preparing to come out with an initial share sale.

Other major shareholders in the company are State Bank of India, HDFC Bank, Standard Chartered Bank, Canara Bank, Bank of India, Bank of Baroda, Life Insurance Corp, Union Bank of India and Bank of Maharashtra.