Skip to content
Subscriber Only

HDFC Bank Picks BofA, Morgan Stanley for Shadow Bank IPO

Operations At A Housing Development Finance Corp. Bank Branch Ahead Of The RBI's Rate Decision
Photographer: Dhiraj Singh/Bloomberg

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.