HDFC increases stake in Credila Financial to 51 pc

9 July 2010

MUMBAI: The country's largest mortgage lender, Housing Development Finance Corporation (HDFC), on Friday said that it has hiked its share in Credila Financial Services to 51 percent by acquiring an additional 10 percent stake in the company.
Following the increase in stake, Credila Financial Services has now become a subsidiary company of HDFC, it said in a filing to the Bombay Stock Exchange.
The deal involved subscription of 40.28 lakh equity shares of Rs 10 a piece aggregating Rs 4.03 crore.
"The company has informed that consequent to the said subscription, the shareholding of the Corporation (HDFC) in Credila would increase to 51 percent of Credila's total issued and paid up share capital and as such Credila would become a subsidiary company of the Corporation," the filing said.
It, however, did not disclose the identity of the entity from which it acquired the stake.
HDFC had last year acquired 41 per cent stake in Credila Financial Services, a specialist education loan provider, from DSP Merrill Lynch Capital.
Shares of HDFC on Friday closed at Rs 2,967.55, up 1.09 per cent from its previous close on the BSE.