HDFC to buy 41% stake in Credila Financial

HDFC picks up 41% in Credila Financial

Press Trust of India / Mumbai November 13, 2009, 18:29 IST
Housing Development Finance Corporation (HDFC), the country's largest mortgage lender, today said it would acquire about 41 per cent stake in the education loan provider - Credila Financial Services held by DSP Merrill Lynch Capital.

"The corporation has agreed to acquire about 41 per cent in the fully diluted equity share capital of Credila Financial Services from DSP Merrill Lynch Capital,? HDFC said in a filing to the Bombay Stock Exchange (BSE).

The acquisition of stake is subject to compliance with applicable regulations, it added.

The company, however, did not disclose further details in this regard.

DSP Merrill Lynch Capital is a minority investor in Credila Financial Services.

Shares of HDFC closed at Rs 2,758.45, up 0.54 per cent from its previous close on the BSE.

Source: Business Standard