India's HDB Financial Services, a unit of HDFC Bank HDBK.NS, has approved raising 25 billion rupees ($299 million) through a fresh issue of shares in its initial public offering, the lender said on Friday.
Existing shareholders will also sell some stake in the IPO via an offer for sale, the details of which were not revealed in an exchange filing.
HDB Financial's listing follows the country's central bank norms introduced in 2022, which required large non-banking financial companies (NBFC) to be listed on stock exchanges by September 2025.
Earlier in 2024, HDFC Bank had said it planned to start the process of HDB Financial's listing later in the year.
Incorporated in 2007, HDB Financial provides secured and unsecured loans and has more than 1,680 branches across India.