HDFC Bank Ltd. plans to sell its 100% stake in HDFC Education and Development Services Pvt. through the Swiss challenge method.
The lender has entered into a binding term sheet with an interested party, which will further act as a base bid to receive counter offers from other interested parties, the lender said in an exchange filing on Saturday.
After the Swiss challenge process is over, the private sector bank will decide on the purchaser.
After the finalisation, the bank and the buyer will enter into definitive documentation to achieve the proposed transaction.
Earlier, the Reserve Bank of India had permitted HDFC Bank to hold its stake in HDFC Edu for two years following the HDFC-HDFC Bank merger.
Shares of HDFC Bank closed 0.52% higher at Rs 1,448.20 apiece on Thursday, compared to a 0.90% rise in the benchmark BSE Sensex.
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