Wednesday , July 24 2019

HDFC picks Morgan Stanley, BofA for shadow bank IPO


HDFC Bank Ltd., India’s biggest lender by market value, has picked Bank of America Corp. and Morgan Stanley to manage an initial public offering of its non-bank finance unit, people with knowledge of the matter said.
The bank plans to sell the shares in HDB Financial Services Ltd. before March 31 in a deal that may raise about 100 billion rupees ($1.4 billion), the people said, asking not to be identified as the information is not public. HDFC Bank may hire more firms for the sale later, the people said.

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