Latest news with #HDFCBank
Mint
16 minutes ago
- Business
- Mint
HDB Financial Services IPO subscribed nearly 17 times on final day with over 217 crore bids, QIBs lead demand
The initial share sale of HDB Financial Services Ltd, a subsidiary of HDFC Bank, got subscribed 16.69 times on the closing day of bidding on Friday, amid encouraging participation from institutional buyers. The initial public offer (IPO) received bids for 2,17,67,62,140 shares against 13,04,42,855 shares on offer, according to details available on the NSE. Qualified Institutional Buyers (QIBs) part garnered 55.47 times subscription while the category for non-institutional investors got subscribed 9.99 times. Retail Individual Investors (RIIs) portion attracted 1.41 times subscription. The mega offer got fully subscribed on the day two of bidding on Thursday. The over subscription of the largest offering so far this year came at a time when the equity markets are riding a bull rally. In the past four trading days, the BSE benchmark Sensex has jumped 2,162.11 points or 2.64 per cent and the NSE Nifty jumped 665.9 points or 2.66 per cent. HDB Financial Services, a non-banking financial company (NBFC), mopped up ₹ 3,369 crore from anchor investors. The price band for the offer is ₹ 700-740 per share. At the upper end of the price band, the company is valued at nearly ₹ 61,400 crore. The IPO is a combination of a fresh issue of equity shares worth ₹ 2,500 crore and an offer for sale (OFS) of ₹ 10,000 crore by the promoter HDFC Bank. At present, HDFC Bank">HDFC Bank owns a 94.36 per cent stake in HDB Financial Services. The company proposes to utilise proceeds from the fresh issue to strengthen its Tier-I capital base. This will support future capital needs, including additional lending, to support business growth. The HDB Financial IPO is the second biggest in the last three years after South Korean automaker Hyundai's ₹ 27,000-crore offer. JM Financial, BNP Paribas, BofA Securities India, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India) Pvt Ltd, IIFL Capital Services, Jefferies India, Morgan Stanley India Company, Motilal Oswal Investment Advisors, Nomura Financial Advisory and Securities (India) Pvt Ltd, Nuvama Wealth Management, and UBS Securities India are managing the company's IPO. The company's shares are expected to be listed on the BSE and NSE on July 2.
India.com
an hour ago
- Business
- India.com
Bad News For Depositors: HDFC Bank Cuts FD Rates Again In June 2025– Details Inside
New Delhi: HDFC Bank has once again slashed its fixed deposit (FD) interest rates. This marks the second cut this month. The bank starting June 25, 2025 has reduced rates by 25 basis points on select FD tenures for deposits below Rs 3 crore. This latest move comes just two weeks after a similar rate cut on June 10, following the Reserve Bank of India's (RBI) decision to lower the repo rate from 6 per cent to 5.5 per cent. As India's largest private bank, HDFC's back-to-back cuts are likely to influence other lenders and impact FD investors. FD Rates Cut for Key Tenure HDFC Bank has revised the interest rate on fixed deposits with a tenure of 15 months to less than 18 months. Earlier, general customers earned 6.60 per cent, and senior citizens received 7.10 per cent. After the latest cut, the rates have dropped to 6.35 per cent for regular customers and 6.85 per cent for seniors. For deposits under Rs 3 crore, the bank now offers FD interest rates ranging from 2.75 per cent to 6.60 per cent for the general public and 3.25 per cent to 7.10 per cent for senior citizens, depending on the tenure. Penalty on Early FD Withdrawal If you plan to break your FD before it matures, keep in mind that HDFC Bank charges a penalty. As per the bank's rules, you'll earn 1 per cent less than the interest rate applicable for the actual duration your money stayed in the FD—not the rate you originally booked. So, early withdrawal could mean lower returns. Savings Account Rates Also Reduced from June 24 Along with the FD rate cut, HDFC Bank has also reduced interest rates on savings accounts. Effective June 24, 2025, the savings rate has been cut by 25 basis points—from 2.75 per cent to 2.50 per cent per annum for all account balances. The interest on savings accounts is calculated daily and credited every quarter. No Change in Recurring Deposit (RD) Rates HDFC Bank's recurring deposit (RD) interest rates remain unchanged, ranging from 4.25 per cent to 6.60 per cent for general customers and 4.75 per cent to 7.10 per cent for senior citizens, depending on the deposit tenure. These rates have been in place since June 10, 2025. Back-to-Back Rate Cuts With two rate cuts in one month, HDFC Bank customers will now earn slightly less on new fixed deposits and savings accounts.
Business Standard
2 hours ago
- Business
- Business Standard
HDB Financial Services IPO subscribed 16.69 times
The offer received bids for 217.68 crore shares as against 13.04 crore shares on offer. The initial public offer of HDB Financial Services received bids for 2,17,68,60,980 shares as against 13,04,42,855 shares on offer, according to stock exchange data at 17:30 IST on Friday (27 June 2025). The issue was subscribed 16.69 times. The issue opened for bidding on 25 June 2025 and it will close on 27 June 2025. The price band of the IPO is fixed between Rs 700 and 740 per share. An investor can bid for a minimum of 20 equity shares and in multiples thereof. The initial public offer (IPO) consists of fresh issue to raise Rs 2,500 crore through issuance of 3.57 crore equity shares. The issue also consists of Offer for Sale (OFS) of Rs 10,000 crore through issuance of 13.51-14.29 crore equity shares from the promoter HDFC Bank. The promoter shareholding in the company would decline to 74.2% post- IPO from 94.04% pre-IPO. The company proposes to utilize the net proceeds from the fresh issue towards augmenting the capital base to meet future capital requirements. HDB Financial Services incorporated in 2007 is the seventh largest leading, diversified retail-focused non-banking financial company (NBFC) in India in terms of the size of gross loan book at Rs 90,220 crore at end March 2024. It is categorized as an Upper Layer NBFC (NBFC-UL) by the RBI. HDFC Bank held a 94.04% stake in the company. The company is a subsidiary of HDFC Bank, which is the largest private sector bank in India with businesses (including those of its subsidiaries) spanning across retail and commercial banking, asset management, life insurance, general insurance and broking. The omni-channel phygital distribution model combines a large branch network, in-house tele-calling teams and various external distribution networks and channel partners. The loan book is well seasoned as it has weathered multiple credit cycles in India since inception. GNPA ratio was healthy at 2.26% and NNPA at 0.99% at end March 2025. The company is focused on highly conservative policies for provisioning, with 55.95% of Provisioning Coverage Ratio at end March 2025, the third highest amongst the peers and a 3.31% provisioning on loan book at end March 2025. It has a pan-India network of 1,771 branches in 1,170 towns and cities across 31 States and Union Territories. The distribution network is complemented by external distribution channel partnerships with over 80 brands and original equipment manufacturers (OEMs) and external distribution networks with over 140,000 retailers and dealer touchpoints at end March 2025. Ahead of the IPO, HDB Financial Services on Tuesday, 24 June 2025, raised Rs 3,369 crore by issuing 4.55 crore equity shares to anchor investors at Rs 740 each. The firm reported a standalone net profit of Rs 2,115.81 crore and total income of Rs 13,835.79 crore for the nine months ended on 31 December 2024.
Hans India
2 hours ago
- Business
- Hans India
Key financial changes coming in July: From Aadhaar-PAN rule to new bank charges
New Delhi: From July, several important financial changes will come into effect, directly impacting individual taxpayers and bank customers. These include a new Aadhaar verification rule for PAN applications, an extended deadline for income tax return filing, and revised charges on credit cards and banking services by leading banks like SBI, HDFC Bank, and ICICI Bank. Starting July 1, individuals applying for a new PAN card will have to undergo mandatory Aadhaar verification. This new rule, introduced by the Central Board of Direct Taxes (CBDT), is aimed at boosting tax compliance and digitisation. Until now, a valid ID and birth certificate were enough to get a PAN card. In a major relief to taxpayers, the CBDT has also extended the deadline to file income tax returns for the assessment year 2025-26. The new deadline is September 15, giving salaried individuals 46 extra days beyond the original July 31 cut-off. However, tax experts advise starting the process early to avoid last-minute technical issues on the income tax portal. Meanwhile, SBI Card has announced that it will withdraw its complimentary air accident insurance on select premium credit cards starting July 15. Cards such as SBI Card ELITE, Miles ELITE, and Miles PRIME will no longer offer the Rs 1 crore cover. The Rs 50 lakh insurance benefit on SBI Card PRIME and PULSE will also be discontinued. SBI Card is also changing the way it calculates the Minimum Amount Due (MAD) on credit cards. From July 15, the MAD will now include total GST, EMI amount, all fees and finance charges, 2 per cent of the outstanding balance, and any overlimit amount. This is a shift from the earlier method, which took either 5 per cent of certain charges or 100 per cent of finance charges -- whichever was higher -- along with other fees. HDFC Bank will also implement new charges from July 1 on specific credit card transactions. A 1 per cent fee will apply to rental payments, gaming spends above Rs 10,000 per month, and utility bill payments exceeding Rs 50,000. Wallet reloads above Rs 10,000 will also attract a 1 per cent fee. Each of these charges will be capped at Rs 4,999 per transaction. On a positive note, customers will now earn reward points for insurance payments, up to a limit of 10,000 points per month. ICICI Bank has announced a wide range of changes to its service charges, effective from July 1. ATM usage charges have been revised: customers will continue to get five free transactions per month at ICICI Bank ATMs, after which Rs 23 per transaction will be charged. At non-ICICI Bank ATMs, users in metro cities will get three free transactions per month, while those in non-metros will get five. Beyond this, a Rs 23 charge per financial transaction and Rs 8.50 for non-financial ones will apply. International ATM usage will cost more. ICICI Bank will charge Rs 125 per withdrawal, a 3.5 per cent currency conversion fee, and Rs 25 for non-financial transactions. IMPS (Immediate Payment Service) transfer fees will now vary from Rs 2.5 to Rs 15, depending on the amount transferred. The bank has also revised its cash transaction rules. Only three free cash transactions will be allowed at branches or cash recycler machines (CRMs) each month. After that, a fee of Rs 150 per transaction will be charged. Depositing more than Rs 1 lakh in a month will attract a fee of Rs 150 or Rs 3.50 per Rs 1,000 -- whichever is higher. For third-party cash deposits or withdrawals, the limit remains Rs 25,000 per transaction.
Time of India
3 hours ago
- Business
- Time of India
HDB Financial's IPO gets $19 billion in bids as institutional buyers pile in
HDB Financial Services' $1.5 billion IPO drew bids worth $19 billion by Friday's close as institutional buyers rushed for India's largest offering so far this year, signaling investor confidence in a stock market recovery. India's IPO market is gaining momentum after a slow start, as the stock market stabilizes following earlier volatility driven by global trade concerns. The blue-chip Nifty 50 index, which hit a one-year low in April, now sits just 2.4% below record highs from last year, as easing geopolitical tensions and trade fears spurred risk-on sentiment. HDB Financial, a unit of India's biggest private lender HDFC Bank , saw its issue subscribed 16.7 times over, driven by qualified institutional buyers such as foreign investors and mutual funds who bid for 55 times their reserved portion. Non-institutional investors bid for 10 times their portion, while retail investor interest was comparatively muted, with their shares being oversubscribed just 1.4 times, exchange data showed. Live Events The strong investor response makes HDB Financial's IPO the most subscribed offering over $1 billion since Zomato's in 2021, data from Prime Database showed. "The response to the issue has been very encouraging, and considering the issue size signals that investors are growing increasingly confident of the local market as global trade worries ebb out," said Narendra Solanki, head of research at Anand Rathi Shares and Stock Brokers. "The bid numbers show that the primary markets are coming back to life after a lull earlier this year, and such a response for a sizeable issue like HDB's should give IPO hopefuls in the pipeline confidence to also come forth to test waters," Solanki added. HDB Financial' s IPO, the biggest ever by an Indian non-bank lender, was one of six offerings this week, five of which were oversubscribed in a range of 2-86 times. Earlier this week, Credila Financial Services and Pine Labs filed for IPOs. HDFC Bank, which holds a 94% stake in HDB, sold shares worth up to 100 billion rupees, while HDB issued new shares worth 25 billion rupees. The company is targeting a valuation of up to $7.1 billion at the upper end of the 700-740 rupees price band. The stock is expected to start trading on July 2. HDB had already raised $392 million from anchor investors, including BlackRock funds, Life Insurance Corporation of India (LIC) and Norway's sovereign wealth fund. ETMarkets WhatsApp channel )
