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HDFC Bank approves 100% stake sale of subsidiary HDFC Education to Vama Sundari Investments for ₹192 crore | Mint

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HDFC Bank approves 100% stake sale of subsidiary HDFC Education to Vama Sundari Investments for ₹192 crore | Mint

- HDFC Bank has approved the sale of its subsidiary HDFC Education and Development Services for a total of ₹192 crore. - The sale is being made to Vama Sundari Investments (Delhi) Private Limited, the successful bidder in the sale process. - The cost of sale is ₹9.60 per share, with a total of 20,00,00,000 shares being sold. - HDFC Bank will divest a 91% stake in HDFC Education on or before October 31, 2024, and the remaining stake by June 30, 2025. - Vama Sundari Investments (Delhi) Private Limited is a related party of HDFC Asset Management Company Ltd, a subsidiary of HDFC Bank. - The sale is in compliance with RBI's mandate for a full divestment from HDFC Education within two years from the merger of e-HDFC Limited with HDFC Bank.

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