Housing Development Finance Corporation Limited (HDFC.BO)
- Reuters
RBI relaxes restrictions on HDFC Credila regarding addition of new customers
BENGALURU (Reuters) -Housing Development Finance Corporation (HDFC) on Tuesday said the Reserve Bank of India has relaxed restrictions on its education finance arm, HDFC Credila, related to the addition of new customers. The restrictions were eased after the company met RBI's condition that the application for change in the shareholding of HDFC Credila as a non-banking finance company be made to the central bank before July 31, 2023, according to the filing. Also as a directive for the HDFC and HDFC Bank merger, the RBI had asked the company to cut its stake in the education finance unit to 10% over the next two years, and stop onboarding new customers.
- Reuters
Baring EQT, ChrysCapital acquire HDFC's education loan arm for $1.1 billion
BPEA EQT and ChrysCapital will buy a 90% stake in Housing Development Finance Corporation's education finance arm HDFC Credila for 90.60 billion rupees ($1.11 billion), marking India's largest-ever private equity (PE) buyout in the financial services sector. The deal will also help the mortgage lender adhere to the mandated regulatory requirements before its $40 billion merger with HDFC Bank proposed to be completed next month.
- Reuters
Slide in HDFC, HDFC Bank erases weekly gains for Indian shares
BENGALURU (Reuters) -Indian shares declined on Friday and erased weekly gains amid weakness in financials stocks due to declines in Housing Development Finance Corp and HDFC Bank, and persistent fears over the U.S. banking sector. The Nifty 50 closed 1.02% lower at 18,069.00, while the S&P BSE Sensex lost 1.13% to 61,054.29. Housing Development Finance Corp Ltd and HDFC Bank Ltd declined over 5.5% each after MSCI said it included the merged entity of the two companies in its large-cap index, but with an adjustment factor of 0.5.
