Mumbai: HDFC Banks unit HDB Financial Services has approved raising Rs 2,500 crore ($299 million) through a fresh issue of shares as part of its upcoming initial public offering (IPO), Reuters reported, citing the banks announcement on Friday.
Existing shareholders will sell some of their stake through an offer for sale, though the specifics were not disclosed in the exchange filing.
The listing of HDB Financial aligns with the central banks 2022 regulations, which mandate large non-banking financial companies (NBFCs) to be listed on stock exchanges by September 2025.
Earlier in 2024, HDFC Bank stated that it intended to initiate the process for HDB Financials listing later this year.
Founded in 2007, HDB Financial offers both secured and unsecured loans and operates over 1,680 branches across India.