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HDFC Bank On Friday, HDB Financial Services announced that its board of directors has approved in principle the commencement of the listing process for its subsidiary HDB Financial Services.
The board approved the proposed initial public offering of equity shares of HDB Financial Services with a face value of Rs 10 each, comprising a fresh issue of shares of up to Rs 2.5 billion. HDFC Bank said in a regulatory filing.
In addition, the board also approved a proposed offer for sale of equity shares by existing and eligible shareholders of the company, who may tender their equity, which is subject to the approval of the company’s shareholders, market conditions, receipt of applicable approvals, regulatory clearances and other considerations, it said.
In addition, the parent entity also approved the amendment to the Company’s bylaws and the amendment to the 2014 Employee Stock Option Plan, the 2017 Employee Stock Option Plan and the 2022 Employee Stock Option Plan to comply with regulatory requirements.
HDFC Bank has a 94.64 per cent stake in HDB Financial Services, an NBFC arm of the bank.
HDB Financial Services ended the June quarter with net worth of about Rs 13,300 crore.
The decision to list HDB Financial Services follows the Reserve Bank of India’s mandate of October 2022, which requires non-banking financial companies (NBFCs) at the “top tier” to be listed on stock exchanges.
The board approved HDB financial services IPO It also came shortly after the successful listing of Bajaj Housing Finance.
The other two NBFCs likely to float public issues are Tata Capital Financial Services and Aditya Birla Finance, investment bankers said.
Overall, Tata Sons, Tata Capital Financial Services, Piramal Capital and Housing Finance and Aditya Birla Finance are expected to go public within a year due to their listing with the Reserve Bank of India ( Reserve Bank of India ) list of ‘top tier’ NBFCs.
Of these, Piramal Capital and Housing Finance will be merged with Piramal Enterprises and Tata Sons is likely to consider all options to avoid listing, bankers said.
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