NEW DELHI: HDFC Ltd has signed a definitive agreement to sell 90% stake in its education loan arm HDFC Credila to BPEA EQT and CrysCapital Group for a consideration of Rs 9,060 crore.
HDFC executed definitive documents on June 19 for the proposed sale of about 13,29,49,207 equity shares of HDFC Credila, representing about 90% of Credila’s issued and paid-up share capital as of date to the acquirers, HDFC said in an exchange filing.
After to the proposed transaction, HDFC Credila will cease to be a subsidiary of HDFC, and its shareholding in HDFC Credila will be less than 10% of HDFC Credila’s total issued and paid-up share capital. It reported total revenue of Rs 1,352crore, and a net worth of Rs 2,435.09 crore as of March 31, 2023. The transaction is subject to regulatory approvals and is likely to be completed within 15 days from the completion of all conditions precedent or such other date.