HDFC Bank has announced its decision to divest its entire 100 per cent stake in HDFC Education and Development Services Private Ltd. The bank disclosed in a regulatory filing on Saturday that the transaction will be conducted using the Swiss challenge method.
According to HDFC Bank, it 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 parties interested in participating in the Swiss challenge process.
The bank stated that it will select the purchaser based on the completion of the Swiss challenge process. Subsequently, HDFC Bank and the successful bidder will enter into definitive documentation for the transaction. HDFC Bank highlighted that HDFC Education is currently involved in providing services to three educational schools.
