Mumbai, June 20 -- HDB Financial Services, the country's largest non-banking financial company (NBFC), said on Friday it has arrived at a discounted valuation of $7.2 billion for its initial public offering (IPO) next week, following feedback from investment bankers.

The non-bank financier was initially eyeing a valuation of $10 billion, which has been pared down to $7.2 billion on concerns of a potential impact due to a draft Reserve Bank of India (RBI) circular requiring banks to reduce their stakes in NBFC arms engaged in similar activities to 20%.

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