HDB Financial Services, HDFC Bank subsidiary, receives approval to raise ₹2,500 crore via IPO as per central bank regulations.
HDB Financial Services, a subsidiary of HDFC Bank, has received approval to raise ₹2,500 crore (approximately $299 million) through an initial public offering (IPO). This move aligns with new central bank regulations requiring major non-banking financial companies to be listed by September 2025. The IPO will include a fresh equity issue and an offer for sale by existing shareholders. HDB Financial has shown significant growth, with a 17% increase in its loan book for FY23.
September 20, 2024
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