India's HDB Financial Services, a unit of HDFC Bank, has approved raising 25 billion rupees ($299 million) through a fresh issue of shares in its initial public offering (IPO), the lender said on Friday,

The board of HDB Financial Services Ltd, a non-banking finance subsidiary of HDFC Bank, today approved the initial public offering (IPO) of equity shares comprising a fresh issue of shares aggregating up to Rs 2,

"We wish to inform you that the Board of Directors of the Company at its meeting held today has inter-alia, subject to the approval of the shareholders, considered and approved the IPO of the equity shares of face value Rs 10 each comprising of a fresh issue of equity shares aggregating up to Rs 2,

India's HDB Financial Services, a unit of HDFC Bank , has approved raising 25 billion rupees ($299 million) through a fresh issue of shares in its initial public offering, the lender said on Friday.