HDFC Bank offers to sell its subsidiary HDFC Education

HDFC Bank has resolved to offload 100 per cent of its stake in HDFC Education and Development Services Private Ltd. 

HDFC Bank will undertake the transaction through the Swiss challenge method, it informed in a regulatory filing on March 30.

"In this regard, HDFC Bank has, on March 30, 2024, entered into a binding term sheet with an interested party, and the offer contained in such term sheet shall serve as the anchor/base bid to seek counter offers from other parties interested in participating in the aforesaid Swiss challenge process," it added. 

HDFC Bank will zero down on the buyer on the basis of completing the Swiss challenge process, it said, adding that succeeding this process the bank and successful bidder would enter into definitive documentation for the purposes. 

HDFC Education is into providing services for three education schools, it said.

The largest private sector lender posted a 34 per cent rise in its standalone net profit to Rs 16,373 crore for the third quarter ended December 2023.

The bank had earned a net profit of Rs 12,259 crore in the same quarter of the previous fiscal.

Its consolidated income on a standalone basis was up by Rs 81,720 crore in the October-December quarter of FY24, in contrast to Rs 51,208 crore in the year-ago period.

(With PTI Inputs)