Suspense Crime Sach Ka Dam
HDFC Bank‘s subsidiary HDB Financial Services has filed preliminary papers with capital markets regulator Sebi to raise Rs 12,500 crore through an initial public offering (IPO). According to papers filed with the Securities and Exchange Board of India (SEBI) on Wednesday, the proposed IPO is a combination of a fresh issue of equity shares worth Rs 2,500 crore and an offer for sale (OFS) of Rs 10,000 crore by promoter HDFC Bank. Currently, HDFC Bank holds a 94.36 percent stake in HDB Financial Services, a non-banking financial company (NBFC) arm of the bank.
Where will the company use the money raised from the IPO?
The company proposes to use the proceeds from the new issue to strengthen its Tier-1 capital base. This will support future capital requirements, including additional borrowings to support business growth. The decision to list HDB Financial Services comes following the Reserve Bank of India’s order in October 2022, which requires upper-level NBFCs to be listed on the stock exchanges within three years.
Approval was received this month
..Earlier this month, the board of directors of HDFC Bank approved the sale of shares worth Rs 12,500 crore, including an offer for sale (OFS) of Rs 10,000 crore, relating to its subsidiary HDB Financial Services. After the proposed IPO, HDB Financial Services will continue to be a subsidiary of the bank in compliance with the provisions of applicable regulations.
Brigade Hotel Ventures files papers.
Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed preliminary papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO). According to the papers filed with the Securities and Exchange Board of India (Sebi), the proposed IPO is entirely based on fresh issuance of equity shares and there is no offer for sale (OFS). Out of the Rs 481 crore raised through this issue, the amount will be used to repay debt, Rs 412 crore will be allocated to the company, and Rs 69 crore to its flagship subsidiary SRP Prosperita Hotel Ventures Ltd. In addition, Rs 107.52 crore will be used to purchase an undivided share of land from promoter BEL, and the remaining amount will be used for acquisitions, other strategic initiatives, and general corporate purposes. The company may raise to Rs 180 crore through pre-IPO placement. If placement is done, the issue size will be reduced.
