2023-05-29 03:26:30
Baring Private Equity Asia EQT is set to buy Housing Development Finance Corp’s educational lending unit. in India – Credila Financial Services – for around $1.3 billion to $1.5 billion, The Economic Times reported on Monday.
The buyout fund will acquire 90% of the company, with HDFC retaining the remaining 10%, which it could sell over the next two years, according to the report, citing people familiar with the matter.
An official announcement is expected for the end of June, before the merger between HDFC Ltd and HDFC Bank Ltd, which will create the world’s fourth largest bank.
Baring formed a consortium with ChrysCapital for the transaction.
Baring and HDFC did not immediately respond to Archyde.com’ request for comment.
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