HDFC to comply with the RBI requirements for merger with HDFC Bank has divested out of the education subsidiary, HDFC Credila Financial Services.
- It is selling approx 90% of Credila to a private equity consortium comprising Barings and ChrysCapital
- Stake is being sold for a consideration of Rs 9,060 cr valuing the business at about Rs 10,000 cr.
- It will continue to retain the balance stake of less than 10%
- Credila reported revenues of Rs 1,352 cr in FY 23 and had a Net Worth of Rs 2,435 cr as at March 31, 2023
As expected, divestment seems to have been done at good valuations by HDFC.
HDFC Bank has completed the sale of it’s 90% stake in Credila for Rs 9,553 crore to private equity firms BPEA EQT and ChrysCapital.
HDFC Bank will continue to hold it’s balance 9.99% stake in the Company.
https://www.financialexpress.com/business/banking-finance-hdfc-bank-completes-rs-9552-crore-stake-sale-in-hdfc-credila-3432130/