India's top private lender HDFC Bank said on Saturday its HDB Financial Services unit will raise up to 125 billion rupees ($1.5 billion) in its initial public offering (IPO). Parent HDFC Bank, which holds a 94.

HDFC Bank approves the sale of Rs 12,500 crore worth of shares in its subsidiary HDB Financial Services through an IPO, including a fresh issue and an offer for sale.

HDFC Bank Ltd.'s board has approved the sales of up to Rs 10,000 crore in its subsidiary HDB Financial Services Ltd. The private lender will sell this stake through an offer-for-sale in HDB Financial's initial public offering.

HDB Financial Services Ltd., a unit of India’s largest private sector lender, HDFC Bank Ltd. plans to raise as much as 125 billion rupees ($1.5 billion) through an initial public offering, further adding to big debuts in the nation’s equity markets.

HDFC Bank has announced a Rs 12,500 crore initial public offering (IPO) for its subsidiary, HDB Financial Services. The IPO will include a Rs 2,500 crore fresh issue and a Rs 10,000 crore offer for sale.

Leading private lender HDFC Bank is set to divest Rs 10,000 crore worth of its stake in HDB Financial Services in a forthcoming IPO. This move comes in response to new regulatory norms and aims to enhance HDB's lending capabilities and digital infrastructure.

HDFC Bank on Saturday informed that its board has given its nod to the Offer for Sale of equity of up to Rs 10,000 crore in the HDB Financial Services IPO. Currently, HDFC Bank holds 94.64 per cent stake in the company.