 "HDB financial services, HDFC Group")
HDB financial services, HDFC Group | Credit: X
The board of HDB Financial Services Ltd, a non-banking finance subsidiary of HDFC Bank, today approved the initial public offering (IPO) of equity shares comprising a fresh issue of shares aggregating up to Rs 2,500 crore and an offer for sale (OFS) of equity shares.
The OFS will be by its existing and eligible shareholders of the company who may offer to tender shares, subject to the approval of shareholders, market conditions, regulatory clearances, and other considerations, HDFC Bank informed BSE. The bank holds a 94.6 per cent stake in the non-deposit-taking non-banking financial company (NBFC) offering a wide range of loans and asset finance products.
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The board of the non-banking finance company also cleared amendments to the articles of association of the company, the Employee Stock Option Scheme 2014, the Employee Stock Option Scheme 2017, and the Employee Stock Option Scheme 2022 to comply with regulatory requirements, it added.
HDB Financial Services posted 2.6 per cent year-on-year (Y-o-Y) growth in net profit at Rs 580 crore in the quarter ended June 2024. Its net revenues grew by 3.2 per cent Y-o-Y to Rs 2,390 crore, and the total loan book expanded by 30 per cent Y-o-Y to Rs 95,600 crore as on June 30, 2024, compared to Rs 73,600 crore as on June 30, 2023. Its total capital adequacy ratio stood at 18.8 per cent, with Tier-I at 14 per cent at the end of June 2024.
First Published: Sep 20 2024 | 6:17 PM IST
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