HDFC Bank has announced its decision to divest its entire 100 percent stake in HDFC Education and Development Services Private Ltd. The bank disclosed this information in a regulatory filing on Saturday, stating that the transaction will be conducted using the Swiss challenge method.
According to the filing, HDFC Bank has entered into a binding term sheet with an interested party on March 30, 2024. The offer outlined in this term sheet will serve as the anchor or base bid, inviting counter offers from other potential parties interested in participating in the Swiss challenge process.
The bank will select the purchaser based on the completion of the Swiss challenge process. Subsequently, HDFC Bank and the successful bidder will proceed to finalize definitive documentation for the transaction.
HDFC Education and Development Services Private Ltd. is involved in providing services to three educational institutions, as mentioned in the filing.
