The Housing Development Finance Corporation (HDFC) on Monday said it is planning to acquire 1.14 crore equity shares of ₹10 each of its subsidiary HDFC Credila Financial Services Pvt Ltd for a total consideration not exceeding ₹395 crore from other promoters — Ajay Bohora and Anil Bohora.

Currently, the corporation holds 90.88 per cent of the equity share capital of HDFC Credila on a fully diluted basis, and Ajay Bohora and Anil Bohora hold the balance.

Post acquisition, HDFC Credila, which is a non-banking finance company providing loans for higher education, will become a wholly-owned subsidiary of HDFC.

HDFC, in a stock exchange filing, said the shares of HDFC Credila will be acquired through full-cash consideration. For the year-ended March 31, 2019, HDFC Credila had a turnover of ₹603.52 crore.