HDFC Limited, HDFC Bank Limited and HDFC Credila Financial Services Limited are set to sell 90% stake in HDFC Credila to an investor consortium of BPEA EQT and ChrysCapital.
The two PE firms will buy the stake for about Rs 9,060.5 crore ($1.1 billion). They will also infuse Rs 2,003 crore as fresh capital into Credila, according to media reports.
HDFC Limited will continue to remain invested with a stake of 9.99% in HDFC Credila.
AZB & Partners acted as the legal advisor to HDFC Limited and HDFC Credila on the transaction with a team led by Partners Varoon Chandra and Nandish Vyas.
Wadia Ghandy & Co acted as the legal advisor to HDFC Bank on the transaction an the team included Partners Ashish Ahuja and Nidhi Jha.
Shardul Amarchand Mangaldas advised ChrysCapital and the team was led by Partners Gunjan Shah and Karun Prakash. Competition law Partner Aparna Mehra advised on competition law aspect of the deal.
JSA acted as the legal advisor to Baring EQT on the transaction with a team led by Partners Vikram Raghani and Anand Lakra.
Partner Vaibhav Choukse advised on competition law aspect of the deal.
Touchstone Partners antitrust team led by Vinod Dhall, Senior Adviser and Gaurav Desai, Partner advised HDFC Credila on the competition aspect of the deal.
The transaction is the largest ever private equity buyout in the Indian financial services sector.
If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.