CCI clears proposed acquisition of HDFC Credila Financial Services
CCI on Tuesday cleared the proposed purchase of 90 per cent equity stake in HDFC Credila Financial Services by a private equity consortium of BPEA EQT and ChrysCapital. The buyers are Kopvoorn, part of the BPEA EQT group, and three ChrysCapital group entities — Moss Investments, Infinity Partners and Defati Investments Holding.
The proposed combination pertains to the acquisition by the acquirers of equity shares comprising about 90 per cent of the shareholding and voting rights of HDFC Credila, according to an official release.HDFC Credila Financial Services (HDFC Credila) is a Reserve Bank of India-registered non-banking financial company (NBFC) engaging in the business of providing retail education loans. The Competition Commission of India (CCI) said it has approved the proposed deal.
In June, HDFC Ltd, HDFC Bank and HDFC Credila announced that they have entered into definitive agreements to sell a majority stake in HDFC Credila to a private equity consortium of BPEA EQT and ChrysCapital for Rs 9,060 crore. Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the market place.
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