HDFC Bank has sold 100% of its stake in HDFC Edu.
HDFC bank board approves the 100% stake sale of HDFC Education at a cost of Rs. 192 crore (Sale price of Rs. 9.60 per share for 20,00,00,000 shares).
HDFC Bank has sold 100% of its stake in HDFC Edu.
New Delhi: India’s Largest private sector bank, HDFC Bank has announced the sale of its 100% stake in HDFC Edu. The bank in its BSE Filling states that referring earlier intimations dated March 30, 2024 and July 20, 2024 wherein it was informed that Bank decided to undertake the sale of its 100% stake in HDFC Edu, a wholly owned subsidiary of the Bank.
In this continuation on October 4, 2024 the Board of Directors of the Bank has today approved sale of 100% stake in HDFC Edu to Vama Sundari Investments (Delhi) Private Limited, being the successful bidder under the sale process. According to the official document shared by the bank in listing, the deal has been done at a cost of Rs. 192 crore (Sale price of Rs. 9.60 per share for 20,00,00,000 shares).
Read Also : Sanjay Kumar Jha recommended for MCL Director (Technical) postSale of 100% stake in HDFC Edu to Vama Sundari is pursuant to the RBI letter to the Bank dated April 20, 2023, mandating a full divestment from the said entity within 2 years from the Effective Date of merger of e-HDFC Limited with and into the Bank i.e. on or before June 30, 2025.
It is stated that, the Bank would divest 91% stake in HDFC Edu on or before October 31, 2024, the remaining stake would be divested no later than June 30, 2025. Upon completion of sale of remaining 9% stake, necessary disclosure would once again be made by the Bank, in terms of the applicable provisions of the Listing Regulations.
Read Also : BEL's first Regional Product Support Centre in AgraAbout HDFC Edu
HDFC Edu is in the business of providing services related to schools, higher education, vocational education and training, supplemental education including but not limited to school management and improvement services, providing consultancy and/or expertise on education, building and classroom design and campus management, providing any land, building, structure and/or other immovable property whether on a lease or any other basis, and to carry on the related pursuits in running educational institutions. Date of Incorporation: November 17, 2011 Total income of HDFC Edu for the last 3 financial years (ended March 31st): FY22: Rs. 10.02 crore FY23: Rs. 16.18 crore FY24: Rs. 18.18 crore Country of Presence: India
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