Housing Development Finance Corporation (HDFC) in a stock exchange notification said the Corporation has executed definitive documents (On June 19, 2023) for the proposed disinvestment/ sale of about 132.94 million equity shares, representing about 90 per cent of HDFC Credila’s total issued and paid-up capital.
The closing of the proposed transaction would take place on a date that falls 15 business days from the completion of all conditions precedent (including regulatory approvals) or a date mutually agreed between the parties. The long stop Date is March 31, 2024, HDFC said.
According to rating agency CRISIL HDFC Credila’s loan book rose to Rs 15,298 crore as on March 31, 2023, from Rs 8,838 crore as on March 31, 2022).
On account of lockdowns related to the pandemic, disbursements were impacted in fiscal 2021, however, disbursements had picked up in fiscal 2022 to Rs 4,309 crore and further to Rs 7,992 crore in Fy23.
Its overall capital adequacy ratio was 20.4 per cent as of March 2023. The Company has raised equity capital of Rs 800 Cr. from HDFC Ltd. in fiscal 2023 to strengthen its capital position. The net worth was Rs 2,435 crore.