Housing Development Finance Corp Ltd (HDFC) on June 19 announced that it sold 90% of its total stake in its subsidiary HDFC Credila Financial Services Ltd to a consortium of Baring PE (BPEA) and ChrysCapital for Rs 9,060 crore.

Following the transaction, HDFC Credila will cease to be a part of the corporation and HDFC’s shareholding in the company will be brought down to 9.99%, per the Reserve Bank of India’s (RBI) advice. 

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

The investment agreement was proposed on June 19, and the transaction is expected to close within 15 business days from the completion of all conditions and regulatory approvals. The extended stop date is March 31, 2024. 

Among the consortium of buyers, Kopvoorn B.V. is part of the BPEA Group, while Moss Investments Ltd, Defati Investments Holding B.V. and Infinity Partners are part of the ChrysCapital Group.