Mortgage lender HDFC Ltd on Monday informed the bourses that it has executed definitive documents for the proposed disinvestment or sale of approximately 90 per cent stake in its education loan subsidiary HDFC Credila to a consortium of private equity firms BPEA EQT and ChrysCapital.
The valuation of the transaction is approximately Rs 9,060 crore, HDFC said in a stock exchange filing.
It is subject to regulatory approvals and dispensations (including the RBI and the Competition Commission of India) in connection with the proposed transaction and continuation of HDFC Credila's business, the filing said.
"Pursuant to the proposed transaction, HDFC Credila will cease to be a subsidiary of the Corporation, and the Corporation's shareholding in HDFC Credila will be less than 10 per cent of HDFC Credila's total issued and paid-up share capital," the filing added.
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