New Delhi, June 4 -- HDFC Bank share price edged higher on Wednesday after the bank's subsidiary HDB Financial Services received SEBI approval to float initial public offering (IPO). HDFC Bank share price gained as much as 0.45% to Rs.1,934.00 apiece on the BSE.

Capital markets regulator, the Securities and Exchange Board of India (SEBI), has issued observations for the public issue of HDB Financial Services. In Sebi's parlance, obtaining observations means a go ahead to float the public issue.

HDB Financial Services IPO will mark the HDFC group's first public issue in seven years. HDFC Bank holds 94.36% stake in HDB Financial Services, a non-banking financial company (NBFC).

HDB Financial Services had filed for an IPO of up to Rs.12,5...