21 March 2024 – On Wednesday, HDFC Bank said that it has successfully sold its interest in HDFC Credila, its education financing division, to private equity companies BPEA EQT and ChrysCapital for a sum of Rs 9,553 crore. Following the transaction, HDFC Credila will no longer be a bank subsidiary. As of March 19, 2024, the Acquirers had purchased 14,01,72,180 equity shares of HDFC Credila from HDFC Bank.
As a result, HDFC Credila is no longer an HDFC Bank subsidiary, the lender said in a petition for an exchange. Kopvoorn BV, Moss Investments, Defati Investments Holding B V, and Infinity Partners are among the acquiring businesses.
9.99% of HDFC Credila would continue to be owned by HDFC Bank. The Reserve Bank of India ordered HDFC Bank to cut its stake in HDFC Credila to 10% within two years following the company’s merger with mortgage lender HDFC, which prompted the share sale.
Conclusion
The agreement closes before HDFC Bank releases its fourth-quarter earnings the following month. In the December quarter, HDFC Bank’s net profit increased 2.5% on a sequential basis to Rs 16,373 crore. Since HDFC Bank and HDFC merged in July 2023, data cannot be compared year over year.
