BANGALORE, Sept 20 (Askume) – HDB Financial Services, a subsidiary of India’s HDFC Bank (HDBK.NS), said on the 20th it has approved raising 25 billion rupees ($299 million) through an initial public offering.
Existing shareholders will also sell some of their shares in the IPO through an offer for sale, but details were not disclosed in the exchange filing.
HDB Financial’s listing follows norms introduced by the country’s central bank in 2022 that require large non-banking financial companies (NBFCs) to be listed on stock exchanges by September 2025.
On the early 2024 issue, HDFC Bank had said it planned to launch the listing process for HDB Financial later this year.
Established in 2007, HDB Financial offers secured and unsecured loans and has over 1,680 branches across India.
(1 USD = 83.5190 Indian Rupees)
