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Housing Development Finance to acquire remaining stake in unit

Housing Development Finance Corp. Ltd. will acquire the remaining 9.12% stake it does not own in HDFC Credila Financial Services Private Ltd. for a total consideration of about 3.95 billion Indian rupees.

Under the deal, Housing Development Finance will acquire 11,470,000 equity shares of HDFC Credila Financial Services from the unit's other promoters Ajay Bohora and Anil Bohora, according to a Dec. 9 stock exchange filing.

HDFC Credila Financial Services is a nonbanking financial company that offers loans for higher education. The stake acquisition will make HDFC Credila Financial Services a wholly owned unit of Housing Development Finance.

The acquisition is expected to be completed by Dec. 31.

As of Dec. 9, US$1 was equivalent to 71.03 Indian rupees.