HDFC to buy 41% stake in HDFC Credila Financial

The corporation has agreed to acquire approximately 41% in the fully diluted equity share capital of HDFC Credila Financial Services from DSP Merrill Lynch Capital Ltd, HDFC said

Mumbai: The country's largest mortgage lender Housing Development Finance Corporation (HDFC) on Friday said it would acquire about 41% stake in the education loan provider - HDFC Credila Financial Services held by DSP Merrill Lynch Capital.

"The corporation has agreed to acquire approximately 41 per cent in the fully diluted equity share capital of HDFC Credila Financial Services from DSP Merrill Lynch Capital Ltd,? HDFC said in a filing to the Bombay Stock Exchange (BSE).

The acquisition of stake is subject to compliance with applicable regulations, it added.

The company, however, did not disclose further details in this regard.

DSP Merrill Lynch Capital Ltd is a minority investor in HDFC Credila Financial Services.

Shares of HDFC closed at Rs2,758.45, up 0.54% from its previous close on the BSE.

http://www.livemint.com/2009/11/13184352/HDFC-to-buy-41-stake-in-Credi.html