HDB Financials IPO Approved

Document Summary

On September 20, 2024, HDFC Bank Limited communicated to the BSE Limited and the National Stock Exchange of India Limited, regarding intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”) concerning the proposed Initial Public Offering (“IPO”) by HDB Financial Services Limited (“HDBFS”), a subsidiary of HDFC Bank Limited (“Bank”).

This follows their earlier intimation on July 20, 2024, informing that the Bank's Board of Directors had provided in-principle approval to initiate the process of listing equity shares of HDBFS through a potential IPO and seek necessary regulatory approvals. The communication included an intimation made by HDBFS for information and dissemination.

The HDBFS intimation, also dated September 20, 2024, was addressed to the Listing Compliance Departments of both BSE Limited and the National Stock Exchange of India Limited. It concerns the outcome of a Board Meeting pursuant to Regulation 51 read with Part B of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The HDBFS Board of Directors, in its meeting held on September 20, 2024, considered and approved, subject to shareholder approval, the following:

1. An initial public offering of equity shares of face value ₹10 each, comprising a fresh issue of Equity Shares aggregating up to Rs. 2,500 Crore and an offer for sale of Equity Shares by existing and eligible shareholders. This is subject to shareholder approval, market conditions, regulatory approvals, and other considerations.
2. Amendment to the articles of association of the Company;
3. Amendment to the Employee Stock Option Scheme – 2014, Employee Stock Option Scheme – 2017, and Employee Stock Option Scheme – 2022 to comply with regulatory requirements.

The HDBFS communication was signed by Dipti Khandelwal, Company Secretary.