MUMBAI: Edelweiss Financial ServicesBSE 2.08 % is planning to raise Rs 600-750 crore through a public issue of its consumer lending unit, ECL Finance, according to several people close to the development.

Backed by Carlyle Group, the world’s second-largest private equity fund, EdelweissBSE 2.08 % has completed preliminary talks with bankers about the proposed issue, the persons cited earlier told ET. The issue, which will see a stake dilution of 20-25%, is expected to hit the market in FY18, they said.

One of persons cited earlier who is close to the company said, “We have started the process on a fast-track. Bankers pitch has been done and we are planning to start the formal process from mid-January . We are expecting to do the issue by this fiscal itself.”

Edelweiss’ spokesperson, however, denied any such move. “Currently, there are no plans of an IPO for any of its divisions,” the spokesperson said.