HDB Financial Services IPO: HDFC Bank said on Saturday that its board approved the share sale value $12,500 crores comprising $Offer for sale (OFS) of Rs 10,000 crore related to its subsidiary HDB Financial Services.
The initial public offering (IPO) will be for such number of shares of par value of $10 each from HDB Financial Services adding up to $12,500 crore comprising fresh issue of $2,500 crores and an OFS amounting to 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, he said.
After the proposed initial public offering, HDB Financial Services will remain a subsidiary of the bank, in compliance with the provisions of applicable regulations, it added.
HDFC Bank holds a 94.64 per cent stake in HDB Financial Services, an arm of the bank’s non-banking financial company (NBFC).
HDB Financial Services closed the June quarter with a net worth of approximately $13,300 crores.
The decision to list HDB Financial Services follows the Reserve Bank of India’s mandate in October 2022, which requires top-tier NBFCs to be listed on stock exchanges.
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