General Announcement::Disclosure sale of stake in HDFC Credila Financial Services Limited

Issuer & Securities

Issuer/ Manager
HDFC BANK LIMITED
Securities
HDFCBANK INR23B 8.1%N250322 - XS1794215696 - 8NPB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
20-Jun-2023 16:45:59
Status
New
Announcement Sub Title
Disclosure sale of stake in HDFC Credila Financial Services Limited
Announcement Reference
SG230620OTHR5DKK
Submitted By (Co./ Ind. Name)
Dhanjit Thaivalappil
Designation
Deputy Vice President
Description (Please provide a detailed description of the event in the box below)
This is in furtherance to our earlier intimation dated April 4, 2022, informing about the decision taken by the Board of Directors of the HDFC Bank approving the Scheme under Sections 230 to 232 of the Companies Act, 2013, and rules and regulations thereunder, subject to receipt of various statutory and regulatory approvals.

We also refer to our earlier intimation dated April 21, 2023, wherein we had informed that HDFC Bank had made certain requests to the Reserve Bank of India ( RBI ) and that the RBI vide its letter dated April 20, 2023, had provided certain forbearances/ clarifications to HDFC Bank. Under the said letter, RBI had inter alia advised that shareholding in HDFC Credila Financial Services Limited ( HDFC Credila ) (a wholly owned subsidiary of HDFC Limited) be brought down to 10% within two years from the effective date of the Scheme.

In this regard, we wish to inform you that HDFC Limited has executed definitive documents today i.e. June 19, 2023, for the proposed disinvestment/sale of approximately 132,949,207 equity shares of HDFC Credila representing approximately 90% of HDFC Credila s total issued and paid-up share capital as on date, to the (a) Kopvoorn B.V., (b) Moss Investments Limited, (c) Defati Investments Holding B.V., and (d) Infinity Partners (the Proposed Transaction ), subject to regulatory approvals and dispensations (including the RBI and the Competition Commission of India) in connection with the Proposed Transaction and continuation of HDFC Credila s business. Pursuant to the Proposed Transaction, HDFC Credila will cease to be a subsidiary of HDFC Limited, and HDFC Limited s shareholding in HDFC Credila will be less than 10% of HDFC Credila s total issued and paid-up share capital.

The HDFC Bank has also executed the said definitive documents as a party being the proposed successor entity of HDFC Limited under the Scheme, having certain rights and obligations.

A copy of the disclosure made by HDFC Limited in this regard is attached herein for your ready reference.

We request you to kindly take the same on record and do the needful.

Attachments

SGX.pdf
Total size =1772K