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,

HDB Financial Services plans Rs 2,500 crore IPO, with HDFC Bank holding 94.64% stake, targeting $7-8 billion valuation.

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,

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.

"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,