Housing Development Finance Corp Ltd (HDFC) on Monday (June 19) said it has sold 90 percent of its total holding in its subsidiary HDFC Credila Financial Services Ltd to Baring PE and ChrysCapital for Rs 9,060 crore.

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The corporation will divest approximately 13,29,49,207 equity shares of HDFC Credila representing approximately 90 percent of HDFC Credila’s total issued and paid-up share capital as of date to Baring PE and ChrysCapital.

After the proposed transaction, HDFC Credila will cease to be a subsidiary of HDFC, and the corporation's shareholding in HDFC Credila will be less than 10 percent of HDFC Credila's total issued and paid-up share capital.

The closing of the proposed transaction will take place on such date which falls 15 business days from the completion of all conditions precedent (including receipt of regulatory approvals) or such other date as may be mutually agreed between the parties, HDFC said in a regulatory filing.

Kopvoorn B.V., Moss Investments Ltd, Defati Investments Holding B.V. and Infinity Partners are the buyers of HDFC Credila Financial Services. Kopvoorn B.V. is part of the BPEA EQT Group. Moss Investments Ltd, Defati Investments Holding B.V. and Infinity Partners are part of the ChrysCapital Group.

Jefferies advised HDFC Ltd and HDFC Credila on the largest acquisition in the Indian financial services sector by private equity investors.

First Published:Jun 19, 2023 11:33 PM IST