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HDFC Bank Board Approves Potential IPO for HDB Financial Services
HDFC Bank said on Saturday (July 20) that its Board of Directors has given an in-principle approval to initiate the process of listing its subsidiary, HDB Financial Services Limited (HDBFS), through a potential initial public offering (IPO).
This measure is in compliance with the regulatory requirements of the Reserve Bank of India (RBI).
This calls for the listing of Top Tier Non-Banking Financial Companies (NBFCs) under a circular issued in October 2022.
The Board has authorized a committee of directors to oversee the listing process and seek necessary approvals from relevant regulatory authorities.
In addition to the approval of the IPO, the
The Council also approved the appointment of Ajay Agarwal as the new Company Secretary and Chief Compliance Officer of HDFC Bank, effective July 21, 2024.
Agarwal will succeed Santosh Haldankar.
This appointment follows the recommendation of the Nomination and Remuneration Committee and is in compliance with the SEBI Listing Regulations and the SEBI (Prohibition of Insider Trading) Regulations, 2015, HDFC Bank said.
About that, HDFC Bank has announced a net profit of ₹16,175 crore for Q1FY25, marking a decline of 2% from ₹16,511.9 crore reported in the previous quarter.
This result narrowly beat the CNBC-TV18 poll estimate of ₹15,693.1 crore.
Net interest income grew 2.6% in the mentioned quarter.