HDFC Bank completes stake sale in HDFC Credila for ₹9,552 crore
Upstox
2 min read • Updated: March 20, 2024, 3:15 PM
Summary
The stake sale, which was one of the regulatory requirements for the merger of HDFC Ltd with HDFC Bank, was first announced in June 2023. The process to offload a total of 14.01 crore shares was completed on March 19, 2024, the private lender informed the bourses.
HDFC Bank has completed the sale of its stake in its education finance arm HDFC Credila for ₹9,552.71 crore, as per a regulatory filing made by the private lender on Wednesday, March 20. The stake has been sold to private equity firms BPEA EQT and ChrysCapital.
The stake sale was first announced in June 2023, and the process to offload a total of 14.01 crore shares was completed on March 19, 2024, as per the exchange filing.
The paring of HDFC Bank’s stake in HDFC Credila was one of the regulatory requirements for the merger of mortgage lender HDFC with HDFC Bank. The mega-merger came into effect on July 1, 2023.
HDFC Credila had reported a total revenue of ₹1,352.18 crore in fiscal year 2022-23, and its net worth as on March 31, 2023 stood at ₹2,435.09 crore.
HDFC Bank’s completion of the stake sale comes ahead of the release of its financial results for the fourth quarter next month. In the October-December 2023 period, the lender had reported a 33% year-on-year (YoY) growth in net profit to ₹16,372 crore. Its net interest income had climbed by 24% YoY to ₹28,470 crore.
In the trading session on March 20, the bank’s stock edged lower at the markets. At 03:10 pm, the shares were trading at ₹1,429 apiece on the NSE, down 1.4% as against the previous day’s close.