HDFC Bank Plans To Offload HDFC Education Subsidiary

HDFC Bank has disclosed its intention to sell its entire 100 per cent stake in HDFC Education and Development Services. The bank announced this through a regulatory filing on Saturday, revealing that the transaction will be conducted using the Swiss challenge method.

According to HDFC Bank, a binding term sheet was executed with an interested party on 30 March 2024. This term sheet's offer will act as the base bid, inviting counter offers from other interested parties through the Swiss challenge process.

The bank clarified that the purchaser will be finalised upon completion of the Swiss challenge process. Subsequently, HDFC Bank and the successful bidder will enter into definitive documentation.

HDFC Bank emphasised that HDFC Education is currently involved in providing services to three educational institutions.