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HDFC to acquire 41% stake in Credila

Housing Development Finance Corporation Limited has informed the NSE that the Corporation had agreed to acquire approximately 41% in the fully diluted equity share capital of Credila Financial Services Pvt. Limited (Credila) from DSP Merrill Lynch Capital Limited, subject to compliance with applicable regulations. In this connection, today HDFC has subscribed to an additional 40,28,000 equity shares of Rs. 10/- each of Credila for cash at par aggregating to Rs. 4.03 crore. Further consequent to the said subscription, the shareholding of the Corporation in Credila would increase to 51% of Credila’s total issued and paid up share capital and as such Credila would become a subsidiary company of the Corporation.

Credila’s objective is to be India’s leading Originator/Lender and servicer of student loans. Credila participates in all phases of the student loan process from origination, underwriting through servicing, and collection.

Source: Frontier India

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