HDB Financial Services Limited has submitted its monitoring agency report for the quarter ended March 31, 2026, regarding the utilization of proceeds from its initial public offering (IPO). The report was filed with the National Stock Exchange of India Limited and BSE Limited under SEBI Regulation 32(6) and SEBI ICDR Regulations 41(4).

IPO Details and Structure

The company's IPO was conducted from June 27, 2025, to June 29, 2025, raising a total of ₹12,500 crore. The issue comprised a fresh issue of ₹2,500 crore and an offer for sale of ₹10,000 crore by the promoter HDFC Bank Limited.

Monitoring Agency Report Findings

CARE Ratings Limited, serving as the monitoring agency, reported no material deviation from the objects stated in the offer document. The report indicates that all IPO proceeds have been utilized according to the disclosed purposes, with only minor adjustments in allocation.

Proceeds Utilization Status

Key Observations and Compliance

The monitoring agency noted a reallocation of ₹2 crore from Tier-I capital augmentation to issue-related expenses, which falls within the acceptable deviation range of up to 10%. This adjustment was approved by the board of directors in their meeting dated January 14, 2026, to cover additional estimated expenses including bank charges.

The company has successfully utilized ₹2,456.62 crore towards augmenting its Tier-I capital base to meet future capital requirements for onward lending across its business verticals, including Enterprise Lending, Asset Finance, and Consumer Finance. The total utilization, including ₹4.60 crore interest accrued on fixed deposits, amounts to ₹2,461.22 crore.

Unutilized Proceeds Management

The remaining ₹6.27 crore is held in escrow accounts with HDFC Bank against offer expenses that are yet to be utilized. These funds are maintained in the public issue account and will be deployed for reimbursement of issue-related expenses as they are incurred and certified by independent chartered accountants.

Market Performance Note

The monitoring agency report also mentioned that the company's share price has declined by approximately 17% from the issue price as of April 10, 2026. However, this market movement does not affect the viability of the stated objects for which the funds were raised.

The report was signed by Dipti Jayesh Khandelwal, Company Secretary and Compliance Officer, and Shaik Saleem, Associate Director at CARE Ratings Limited, confirming compliance with all regulatory requirements for IPO proceeds monitoring.

HDB Financial Services Limited has submitted its quarterly compliance certificate to stock exchanges, confirming zero dematerialisation and rematerialisation requests during the quarter ended March 31, 2026.

Regulatory Compliance Filing

The Mumbai-based non-banking financial company filed the mandatory certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 with both NSE and BSE on April 06, 2026. The filing was signed by Company Secretary and Compliance Officer Dipti Jayesh Khandelwal.

Certificate Details

Registrar Confirmation

MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited, serves as the company's Registrar and Transfer Agent. Senior Vice President Ashok Shetty confirmed in the certificate dated April 02, 2026, that no requests for dematerialisation or rematerialisation of securities were received from any company members during the quarter.

Corporate Information

HDB Financial Services Limited operates from its registered office at HDB House, Tukaram Sandam Marg, Vile Parle (E), Mumbai. The company maintains its investor communications through dedicated channels and continues to fulfill its regulatory obligations as a listed entity on both major Indian stock exchanges.