Watch out for the share price of HDFC Bank on Monday as its non-banking subsidiary, HDB Financial Services on Friday announced that it has approved raising Rs 2,500 crore through a fresh issue of shares in its initial public offering (IPO).
In a regulatory filing, HDFC Bank said, “We wish to inform you that the Board of Directors of the company at its meeting held today i.e. September 20, 2024, has inter-alia, subject to the approval of the shareholders of the Company, considered and approved…initial public offering of equity shares of face value of Rs 10 each (equity shares) comprising of a fresh issue of Equity Shares aggregating up to Rs 2,500 crore and an offer for sale of equity shares by existing and eligible shareholders of the company who may offer to tender their equity shares which is subject to approval of the shareholders of the company, market conditions, receipt of applicable approvals, regulatory clearances and other considerations.”
HDFC Bank had, earlier on July 20, 2024, informed that board of directors of the bank had provided an in-principle approval to initiate the process of listing of equity shares of HDB Financial Services through a potential IPO.
HDFC Bank holds 94.64 per cent stake in HDB Financial Services. Incorporated in 2007, HDB Financial provides secured and unsecured loans and has more than 1,680 branches across India.