Published on 7 Oct 2024 on TipRanks · via Yahoo Finance
HDFC Bank Divests Entire Stake in HDFC Edu
Hdfc Bank (HDB) has released an update.
HDFC Bank has approved the sale of its entire 100% stake in HDFC Education and Development Services Private Limited (HDFC Edu) to Vama Sundari Investments (Delhi) Private Limited. The divestment, which is a related party transaction and at arm’s length, is in response to an RBI mandate and will be completed in stages, with 91% of the stake sold by October 2024 and the remainder by June 2025. The all-cash deal for the sale of shares is priced at Rs. 9.60 per share, totaling Rs. 192 crore, and will result in HDFC Edu no longer being a subsidiary of HDFC Bank.