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India's HDFC to sell stake in Computer Age Management Services for 2.10B rupees

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India's HDFC to sell stake in Computer Age Management Services for 2.10B rupees

India-based Housing Development Finance Corp. Ltd., or HDFC, agreed to sell a partial stake in Computer Age Management Services Pvt. Ltd., or CAMS, for 2.10 billion Indian rupees.

The company will sell a 6.3% stake in the registrar and transfer agent to Great Terrain Investment Ltd., Mauritius, an affiliate of Warburg Pincus LLC, it said in a Dec. 20 release.

CAMS offers a physical touch point for receipt, verification and processing of financial and nonfinancial transactions.

HDFC unit HDFC Bank Ltd. will also sell a part of its stake in CAMS to the same purchaser at the same price.

The sale is expected to be complete by Jan. 31, 2018. Following the transaction, HDFC will continue to own a 4.8% stake in CAMS.

As of Dec. 20, US$1 was equivalent to 63.99 Indian rupees.