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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 an education loan subsidiary of the company, which distributes education loans. Now HDFC Bank can sell 90 percent of its stake in this company. The bank has got the approval of the Central Bank for this work.
The bank gave this information during the filing
HDFC Bank said in a filing to the Bombay Stock Exchange that this is in relation to our previous communication dated June 19, 2023, in which we informed that the erstwhile Housing Development Finance Corporation Limited (HDFC Limited) has acquired approximately 90% of HDFC Credila. have taken. , On the said day, certain documents for disinvestment/sale were executed. The total issued and paid-up share capital of Credila to the Acquirers is subject to regulatory approvals and distribution (including from RBI and Competition Commission of India (“CCI”).
This news comes 8 months after HDFC merger
Let us tell you that 8 months after the merger of HDFC and HDFC Bank, the news of selling 90 percent stake in HDFC Credila has come. In April 2023, the central bank had asked HDFC to reduce its stake in Credila. This share was to reduce in the next 2 years.
HDFC Limited's entire investment transferred
As per the terms of the agreement, HDFC will have the right to appoint one non-executive nominee director. This post will be for the Board of HDFC Credila. HDFC Bank told the exchange that in the letter dated July 1, 2023, we had informed that HDFC Limited has been merged with HDFC Bank with effect from July 1, 2023 and thereafter the entire investment of HDFC Limited will be transferred to HDFC Credila. . Has been done.
HDFC Bank effective July 1, 2023; And on August 9, 2023 wherein we stated 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.