Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
The IPO will consist of a fresh issue of shares worth ₹2,500 crore and a sale of shares by existing shareholders, according to a filing by HDFC Bank.
The offering will include shares from current shareholders who wish to sell, pending approvals from shareholders, market conditions, and regulatory clearances.
Additionally, the board has approved amendments to the company's articles of association and updates to its Employee Stock Option Schemes from 2014, 2017, and 2022 to align with regulatory standards. HDFC Bank currently owns a 94.6% stake in HDB Financial Services.
This IPO marks the HDFC group's first public offering in six years. On July 20, HDFC Bank announced that its board had approved the initiation of the listing process for HDB Financial Services. This move follows a directive from the Reserve Bank of India (RBI) issued in October 2022, requiring certain non-banking financial companies (NBFCs) to go public. Recently, HDFC Bank rejected a proposal from Mitsubishi UFJ Financial Group (MUFG), a Japanese bank, to acquire a 20% stake in HDB Financial Services, as reported.
For Q1 FY25, HDFC Bank reported a 2% decline in net profit, dropping to ₹16,175 crore from ₹16,511.9 crore in the same quarter the previous year. The net interest income (NII), which is the difference between interest earned and interest paid, increased by 2.6% from the previous quarter, rising to ₹29,837 crore from ₹29,078 crore in Q4 FY24.
In the past five days, HDFC Bank has achieved a 5.14% gain, 7.94% over the last month, 23.06% over the last six months, and 14.69% over the past year.
HDB Financial Services is a leading non-banking financial company catering primarily to retail and commercial clients. It provides a range of financial products and services, including secured and unsecured loans, asset financing, consumer loans, and loans against property.
Based in Mumbai, HDFC Bank Limited is an Indian banking and financial services company. As of May 2024, it is the largest private sector bank in India by assets and the tenth-largest bank globally by market capitalization.
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