Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
This decision was announced on July 20, in conjunction with the release of the bank's April to June quarter results.
The RBI issued this mandate in October 2022, prompting HDFC Bank to move forward with the IPO process for HDBFS. The Board has formed a committee of directors to manage the listing process and secure necessary approvals from relevant authorities.
According to a March report by The Economic Times, HDFC Bank had already begun preparations for the HDBFS IPO, with market valuation estimates ranging from $9 billion to $12 billion, as per an anonymous investment banker.
Additionally, HDFC Bank's Board approved Ajay Agarwal as the new Company Secretary and Compliance Officer, effective July 21, 2024, replacing Santosh Haldankar.
In the April to June quarter of FY2025, HDFC Bank reported a 2% decline in net profits, down to ₹16,175 crore from ₹16,511.9 crore the previous year. However, net interest income (NII) increased by 2.6% year-on-year to ₹29,837 crore.
Following this news, HDFC Bank's stock closed at ₹1,607.10, a 0.46% drop from the previous day’s ₹1,614.50.
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