New Delhi, June 3 -- HDB Financial Services (HDBFS) Ltd, a subsidiary unit of India's largest private sector lender-HDFC Bank, has received the approval from capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs.12,500 crore through an upcoming initial public offering (IPO).

The parent firm HDFC Bank, which holds a 94.6 per cent in HDB Financial Services Ltd, will sell shares worth Rs.10,000-crore via an offer-for-sale (OFS) as part of the IPO. This is the HDFC Bank group's first public float in six years.

Existing shareholders will also sell some stake in the IPO via an offer for sale, the firm said in an exchange filing, without specifying details.

HDB Financial Services IPO Details

HDB Financial Servic...