The sale of HDFC Credila, the education loan arm of the Housing Development and Finance Corporation (HDFC), comes ahead of the completion of HDFC’s merger with HDFC Bank. In April, the RBI had asked HDFC to reduce its stake in Credila to under 10 per cent over the next two years.
The total revenue of HDFC Credila during the 2022-23 fiscal was Rs 1,352.18 crore and its net worth as on March 31, 2023, was Rs 2,435.09 crore.
Kopvoorn BV is part of the BPEA EQT group, and Moss Investments, Defati Investments Holding B.V. and Infinity Partners are part of the ChrysCapital group, HDFC said in a late-night regulatory filing on Monday.
HDFC will retain a 9.99 per cent stake in HDFC Credila, which provides education loans to students pursuing higher education in India and overseas. The company has extended loans to over 1.24 lakh customers since its inception with the current loan book at over Rs 15,000 crore.
Jimmy Mahtani, Partner and Head at BPEA EQT India said looking ahead, BPEA EQT plans to accelerate HDFC Credila’s digital transformation and invest significantly in the company’s continued growth.
Chryscapital’s partner and chief investment officer Sanjay Kukreja said more than a fourth of its deployments are in the financial services sector, which also accounts for a third of its realisations.