HDB Financial Services Ltd, the lending arm of HDFC Bank, has received board approval to launch an initial public offering (IPO), which will include a fresh equity issue worth Rs 2,500 crore, along with an offer for sale from existing shareholders. The decision was made during the board meeting held on Friday, September 20, 2024.
In addition to the IPO approval, the board also agreed to amend the company’s Articles of Association and make changes to the Employee Stock Option Schemes, pending shareholder approval.
HDB Financial Services, known for providing business and personal loans, operates as a subsidiary of HDFC Bank, India’s largest private bank. This move to go public comes in the wake of the successful listing of Bajaj Housing Finance earlier this week, with its market cap surpassing Rs 1.4 lakh crore.
The IPO is expected to further strengthen HDB Financial’s capital base and enhance its market position.
