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HDFC to sell HDB stake over time
Mint Mumbai
|January 30, 2024
HDFC Bank Ltd plans to sell some of its shareholding in subsidiary HDB Financial Services over some time, two people aware of the matter said on condition of anonymity.
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This will be done as the country's largest private sector lender plans to get into similar lines of business as its subsidiary over the next few years and there could be overlaps.
"HDB, as per regulations, has a listing requirement in calendar 2025. The bank currently holds HDB as a financial investment and will monetize over a period of time," said the first person. "The bank does not appear to have taken a decision on the glide path towards the same."
With a loan book of ₹84,000 crore, HDB Financial primarily lends to first-time borrowers and underserved segments. HDFC Bank, which holds a 94.7% stake in HDB Financial, will add these categories to its lending basket over time. Currently, the bank provides secured loans to industry and consumers, and also has some priority sector targets.
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