HDFC Bank Raises ₹98.15 Billion Via Stake Sale In HDB Financial's IPO

HDFC Bank Ltd. has raised ₹98.15 billion by selling 135 million shares in its subsidiary HDB Financial Services Ltd. through the offer-for-sale route during the latter’s public offering, the bank said in an exchange filing Wednesday. The shares were sold at ₹740 apiece.

Following the transaction, HDFC Bank’s stake in HDB Financial has dropped to 74.2% from 94.5%. While the gross proceeds from the stake sale were initially pegged at ₹100 billion, the final figure was lower after adjusting for customary offer expenses, the bank said.

HDB Financial made a strong market debut on Wednesday, listing at ₹835 on both NSE and BSE—nearly 13% above its issue price. Around 81 million shares of the company were traded on NSE during the day.

The ₹125-billion issue, which opened on Jun. 25, was subscribed nearly 17 times, receiving bids for 2.18 billion shares against the 130.04 million shares on offer.