HDFC Bank Proposes to Sell 100 pc Stake In…
Leading private sector bank in India HDFC Bank has announced its decision to divest its entire stake of 100 per cent in HDFC Education and Development Services Private Ltd. This decision was disclosed by the bank in a regulatory filing on Saturday. The transaction is set to be executed through the Swiss challenge method, a competitive bidding process aimed at attracting multiple offers.
According to HDFC Bank’s regulatory filing, the bank has entered into a binding term sheet with an interested party on March 30, 2024. The offer outlined in this term sheet will serve as the base bid, initiating the Swiss challenge process. This process allows other interested parties to submit counter offers, potentially leading to a more competitive bidding environment.
The bank stated that it will finalize the purchaser based on the completion of the Swiss challenge process. Following this, HDFC Bank and the successful bidder will proceed to enter into definitive documentation for the transaction.
HDFC Education and Development Services Private Ltd. is primarily involved in providing services to three educational institutions. The decision to divest its stake in this subsidiary reflects HDFC Bank’s strategic realignment and focus on its core banking operations.
(PTI Inputs)
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Today Technology Market ResearchDigital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
