HDFC's HDB Financial to raise ₹12,500 crore via IPO

HDFC Bank on Saturday announced that its subsidiary HDB Financial Services will raise up to ₹12,500 crore through an IPO. The offering will consist of a fresh issue of shares worth up to ₹2,500 crore and an offer-for-sale of shares worth up to ₹10,000 crore by the bank. HDFC Bank holds a 94.6% stake in HDB Financial.