HDB Financial Services IPO: HDFC Bank arm to float ₹12,500-crore IPO; parent to offload ₹10k-crore shares via OFS | Stock Market News
Source: Live Mint
HDB Financial Services IPO: HDFC Bank on Saturday said its board has approved share sale worth ₹12,500 crore comprising ₹10,000 crore offer for sale (OFS) related to its subsidiary HDB Financial Services.
The initial public offering (IPO) will be for such number of equity shares of face value of ₹10 each of HDB Financial Services aggregating up to ₹12,500 crore comprising a fresh issue of ₹2,500 crore and an OFS aggregating up to ₹10,000 crore, HDFC Bank said in a regulatory filing.
The price and other details of the proposed IPO will be determined in due course by the competent body, it said.
After the proposed IPO, HDB Financial Services will continue to be a subsidiary of the bank, in compliance with the provisions of the applicable regulations, it added.
HDFC Bank holds a 94.64 per cent stake in HDB Financial Services, a non-banking financial company (NBFC) arm of the bank.
HDB Financial Services closed the June quarter with a net worth of about ₹13,300 crore.
The decision to list HDB Financial Services follows the Reserve Bank of India’s mandate in October 2022, requiring NBFCs in the upper layer to list on the stock exchanges.
