NEW DELHI: HDB Financial Services, an HDFC Bank subsidiary, has submitted draft documentation to Sebi for elevating Rs 12,500 crore by an IPO. The providing consists of Rs 2,500 crore in contemporary fairness shares and Rs 10,000 crore by an OFS by HDFC Bank, as detailed within the Draft Red Herring Prospectus (DRHP) submitted on Wednesday. Currently, HDFC Bank maintains a 94.36 % possession on this NBFC subsidiary.
The contemporary concern proceeds might be used to boost the corporate’s Tier-I capital base, supporting future capital necessities and enterprise growth by elevated lending capabilities.
The itemizing initiative aligns with RBI’s October 2022 directive, which requires higher layer NBFCs to realize inventory alternate itemizing inside a three-year timeframe.
HDFC Bank’s board gave approval for the Rs 12,500 crore share sale, together with a Rs 10,000 crore OFS for HDB Financial Services, earlier this month.
Twelve book-running lead managers has been appointed to supervise HDB Financial Services’ IPO. This contains outstanding monetary establishments similar to JM Financial, BNP Paribas, BofA Securities India, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India) Pvt Ltd, IIFL Securities, Jefferies India, Morgan Stanley India Company, Motilal Oswal Investment Advisors, Nomura Financial Advisory and Securities (India) Pvt Ltd, Nuvama Wealth Management, and UBS Securities India.
Post-IPO, HDB Financial Services will stay underneath the financial institution’s management as a subsidiary, adhering to relevant regulatory necessities.
Incorporated in 2007, HDB Financial Services is a outstanding participant in India’s non-banking monetary firm (NBFC) sector offering providers like lending and BPO providers. It reported a internet value of roughly Rs 13,300 crore on the finish of the June quarter.
