A proposal to sell a 100% stake in its subsidiary HDFC Education and Development Services Private Ltd. made by HDFC Bank.
On March 30, HDFC Bank said in a regulatory filing that the transaction would be done through the Swiss challenge method.
HDFC Bank has entered into a binding term sheet with an interested party.
The offer contained in such a term sheet will serve as an anchor/base bid to receive counter offers from other parties interested in participating in the above Swiss challenge process.
HDFC Bank will finalize the buyer based on the completion of the Swiss challenge process, following which the bank and the successful bidder will enter into definitive documentation for the purposes.
HDFC Education is engaged in providing services to three education schools.
Earlier, HDFC Bank was given approval by the RBI to retain its ownership in HDFC Edu for two years following the merger between Housing Development Finance Corporation Limited (HDFC Limited) and HDFC Bank.
