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HDFC Bank, on March 19, sold 14.02 crore equity shares of HDFC Credila to Kopvoorn B.V., Moss Investments, Defati Investments Holding B.V. and Infinity Partners for ₹9,552.73 crore.
Kopvoorn B.V. is part of the BPEA EQT Group, whereas Moss Investments, Defati Investments Holding B.V. and Infinity Partners are part of the ChrysCapital Group.
Accordingly, HDFC Credila has ceased to be a subsidiary of HDFC Bank, the lender said.
Following the merger of Housing Development Finance Corporation (erstwhile HDFC) with HDFC Bank, the bank announced in June 2023 its decision to sell 13.3 crore shares of HDFC Credila for ₹9,060 crore. The sale was proposed to comply with regulatory guidelines related to the merger, wherein RBI asked HDFC Bank to pare its stake in the education loan subsidiary to 10 per cent within two years of the merger.
The consortium had then valued HDFC Credila at a pre‐money valuation of ₹10,350 crore and committed to infusing ₹2,000 crore as primary proceeds. HDFC Credila had total revenue of ₹1,352.18 crore in FY23. The company’s net worth stood at ₹2,435.09 crore as of March 2023.
HDFC Bank then said its shareholding in HDFC Credila will fall to 9.99 per cent. However, given that the number of actual shares sold is higher than proposed, HDFC Bank’s current shareholding is estimated to be around 5.16 per cent as per HDFC Credila’s share capital of 14.78 crore shares as of March 2023.
The proposed sale received CCI’s approval in August 2023 and the go-ahead from the Reserve Bank of India in February 2024.
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