The board of HDB Financial Services Ltd, the non-banking arm of HDFC Bank, on Friday approved the listing of equity shares comprising a fresh issue of up to Rs 2,500 crore and an offer for sale (OFS).
The board has approved the OFS proposal of shares from the company’s existing and eligible shareholders who can offer their equity, subject to the approval of the company’s shareholders, market conditions, regulatory clearances and other considerations, HDFC Bank said. BSE.
HDFC Bank holds a 94.64 percent stake in HDB Financial Services.
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The non-banking financial company’s board also approved amendments to the company’s articles of association and amendments to the Employee Stock Option Scheme 2014, Employee Stock Option Scheme 2017 and Employee Stock Option Scheme 2022 to comply with regulatory requirements, the bank added.
HDB Financial Services reported a 2.6 percent year-on-year rise in net profit to 580 million rupees in the June quarter. Its net income rose 3.2 percent year-on-year to Rs 2,390 crore and total loans rose 30 percent year-on-year to Rs 95,600 crore as of June 30, 2024, compared to Rs 73,600 crore in the year-ago period.
