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Asian fund BPEA EQT closes in on study loan financer HDFC Credila

Transaction may close at a valuation of $1.2 bn; sale expedited following RBI instructions to either sell the firm or merge it with HDFC or HDFC Bank before their own merger by July

Dev Chatterjee Mumbai

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Illustration: Ajay Mohanty

3 min read Last Updated : May 22 2023 | 8:15 PM IST

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A consortium of private equity firms led by BPEA EQT, an Asian private equity fund, is closing in on HDFC Credila Financial Services, a dedicated education loan company, at a valuation of up to $1.2 billion, banking sources said on Monday.

The sale has been expedited following instructions from the Reserve Bank of India to either sell the company or merge it with HDFC or HDFC Bank before their own merger by July. The regulator has permitted the bank to retain up to 10 per cent stake in the company. The education loan firm had loan assets of Rs 15,298 crore this March, and had made a profit of Rs 276 crore.

Both HDFC and BPEA EQT declined to comment on the development. HDFC had acquired the company in December 2019 at a valuation of Rs 4,331 crore. Since it was set up in 2006 by Ajay Bohora and his brother, Anil, the company has lent to 1.2 lakh customers – especially students going overseas for education.