There is a new update regarding the country’s largest private bank i.e. HDFC Bank. This private sector bank is preparing to sell 100% of its stake in HDFC Education and Development Services. The bank has said that this sale will be done in Swiss Challenge manner. However, no final decision has been taken on the buyer yet
HDFC Bank has entered into a binding agreement with an interested party for this. On this basis, bids will also be invited from other interested parties. HDFC Bank has given this information in its regulatory filing dated March 30.
After the completion of the Swiss Challenge process, HDFC Bank will select one buyer for this deal. Once the deal is selected, the proposed transaction will be completed between the Bank and the new buyer.
HDFC Bank said that the documentation details of the proposed transaction will be disclosed through regulator filing after the completion of this deal. Earlier, RBI had given permission to HDFC Bank to retain stake in HDFC Education for 2 years. This permission was received from RBI after the merger of HDFC and HDFC Bank.
On Thursday (28 March), HDFC Bank shares closed at ₹ 1147 per share with a gain of 0.44%. In the last more than a year, HDFC Bank shares have been seen trading in the range. During the last 1 month it has shown an increase of only 3%. Whereas, it is almost at a flat level in 6 months. In the last one year, this stock has seen a decline of more than 10%.