Kopvoorn B.V., Moss Investments Limited, Defati Investments Holding B.V., and Infinity Partners completed the acquisition of a majority stake in HDFC Credila Financial Services Limited from Housing Development Finance Corporation Limited for approximately INR 95.5 billion.
As of July 01, 2023, HDFC Limited has been amalgamated with and into HDFC Bank effective July 1, 2023, and accordingly, the entire investment of HDFC Limited in HDFC Credila stood transferred to HDFC Bank with effect from July 1, 2023. As of August 09, 2023, CCI at its meeting held on August 08, 2023, granted its approval for the Proposed Transaction. As of February 23, 2024, RBI has via letter communication to HDFC Credila, granted its approval to the application submitted by HDFC Credila for seeking prior approval of the RBI for the proposed change in control and consequent change in the constitution of the board of directors of HDFC Credila pursuant to the Proposed Transaction. Accordingly, sale of approximately 143,220,667 equity shares of the Company representing approximately 79.40% of the Company?s total issued and paid-up share capital by HDFC Bank to Kopvoorn B.V., Moss Investments Limited, Defati Investments Holding B.V., and Infinity Partners (collectively referred to as the ?Acquirers?); and (ii) issuance of approximately 19,128,540 equity shares of the Company (representing approximately 10.61% of the Company?s total issued and paid-up share capital) to the Acquirers by way of a preferential issue (the ?Proposed Transaction?). The Proposed Transaction will result in change in control of the Company and consequent change/reconstitution of the board of directors of the Company.
Nandish Vyas, Varoon Chandra, Ajay Singh Solanki and Nishanth Ravindran of AZB & PARTNERS acted as legal advisor, Jefferies acted as exclusive financial advisor to HDFC Credila and Housing Development Finance Corporation Limited.
Kopvoorn B.V., Moss Investments Limited, Defati Investments Holding B.V., and Infinity Partners completed the acquisition of a majority stake in HDFC Credila Financial Services Limited from Housing Development Finance Corporation Limited (BSE:500010) for approximately INR 95.5 billion on March 19, 2024. HDFC Bank, has sold 14,01,72,180 equity shares of HDFC Credila to the Acquirers for INR 95,527,340,670. Accordingly, HDFC Credila has ceased to be a subsidiary of HDFC Bank.