CURRENT AFFAIRS
CURRENT AFFAIRS
Description
HDFC Bank has sold its 100% share in HDFC Education and Development Services Pvt. Ltd (HDFC Edu) to Vama Sundari Investments for Rupees 192 crore. The all-cash transaction, valued at Rupees 9.60 per share, accords with the bank's objective to comply with regulatory standards and streamline operations after merging with e-HDFC Ltd.
The divestment will take place in two phases: 91% of HDFC Edu's shares are planned to be sold by October 31, 2024, with the remaining 9% sold by June 30, 2025. This decision is in response to a directive from the Reserve Bank of India (RBI) for HDFC Bank to entirely divest from HDFC Edu within two years of merger.
Transaction Breakdown
The share sale will be conducted in two phases-
Phase 1- HDFC Edu will sell 91% of its shares by October 31, 2024.
Phase 2- The final 9% will be disposed by June 30, 2025.
Following the first phase, HDFC Edu will no longer be a subsidiary of HDFC Bank.
Financial Overview
In the fiscal year ended March 31, 2024, HDFC Edu had a total income of Rupees 18.18 crore and total assets of Rupees 197.05 crore. The organization operates in a variety of educational sectors, including K-12 management, vocational training, and educational consulting.
Competitive Bidding Process
The transaction was handled through a competitive bidding process, with Vama Sundari Investments being the successful bidder. The deal has been approved by HDFC Bank's Audit Committee, assuring compliance with related-party transaction requirements because Vama Sundari is affiliated with HDFC Asset Management Company.
Market Impact
HDFC Bank's shares declined Rupees 37.15, or 2.24%, to Rupees 1,619.65 on the Bombay Stock Exchange (BSE). This disposal demonstrates HDFC Bank's emphasis on its core business and adherence to RBI requirements, indicating a strategic shift in its operations while also offering a new direction for HDFC Edu under Vama Sundari's management.
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