HDFC Bank Latest Update: The company gave this information during the exchange filing. Let us tell you that HDFC Credila is the education loan subsidiary of the company, which works to distribute education loans.
HDFC Bank Latest Update: HDFC Bank, the country’s largest private bank, has received approval from the Reserve Bank of India (RBI). After this approval, RBI can sell its entire 90 percent stake in HDFC Credila. The company gave this information during the exchange filing. Let us tell you that HDFC Credila is the education loan subsidiary of the company, which works to distribute education loans. Now HDFC Bank can sell its 90 percent stake in this company. The bank has received the approval of the Central Bank for this work.
The bank gave this information during filing
HDFC Bank informed in a filing with Bombay Stock Exchange that this is in relation to our previous communication dated June 19, 2023, in which we had informed that the predecessor Housing Development Finance Corporation Limited (HDFC Ltd) has acquired approximately 90% of HDFC Credila. On the said day, certain documents were executed for disinvestment/sale. The total issued and paid-up share capital of Credila to the Acquirers is subject to regulatory approvals and distribution (including those from RBI and Competition Commission of India (“CCI”).
This news came after 8 months of HDFC merger
Let us tell you that the news of selling 90 percent stake in HDFC Credila has come 8 months after the completion of the merger of HDFC and HDFC Bank. In April 2023, the central bank had asked HDFC to reduce its stake in Credila. This share was to be reduced in the next 2 years.
HDFC Limited’s entire investment transferred
According to the terms of the agreement, HDFC will have the right to appoint a single non-executive nominee director. This post will be for the board of HDFC Credila. HDFC Bank told the exchange that in a letter dated July 1, 2023, we had informed that HDFC Limited has been amalgamated with HDFC Bank with effect from July 1, 2023 and thereafter the entire investment of HDFC Limited in HDFC Credila will be transferred. Has been done.
HDFC Bank effective July 1, 2023; And August 9, 2023 in which we informed that CCI in its meeting held on August 08, 2023 has given its approval for the proposed transaction in terms of Section 31(1) of the Competition Act, 2002.
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