Daily Current Affairs

HDFC Bank Board Approves 100% Stake Sale in Subsidiary

Current GK (IBPS-CL) Industry

HDFC Bank has officially announced that it’s letting go of its entire stake in HDFC Education and Development Services Pvt. Ltd (HDFC Edu).

The deal, valued at Rs.192 crore, has been sealed with Vama Sundari Investments (Delhi) Private Limited in an all-cash transaction at Rs.9.60 per share.
It’s all part of HDFC Bank’s plan to meet regulatory requirements and streamline its business.
This stake sale is happening in two phases. First, 91% of HDFC Edu’s shares will be sold by October 31, 2024, and the remaining 9% will be offloaded by June 30, 2025.
Once the initial 91% is sold, HDFC Edu will no longer be a subsidiary of the bank.