(Bloomberg) -- Housing Development Finance Corp., India's largest mortgage financier, has picked Jefferies Financial Group Inc. to manage the sale of a unit that offers student loans, according to people familiar with the matter.
HDFC could seek a value of as much as $1 billion for HDFC Credila Financial Services Ltd. in a sale, which is part of the lender's moves to comply with regulators' requirements for its merger with HDFC Bank Ltd., the people said, asking not to be identified as the information is private. Jefferies has started initial talks with interested bidders, and a formal process for the sale may be launched soon, they said.
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The Reserve Bank of India has given the merged entity two years to cut its stake in fully-owned Credila to 10%, HDFC Bank said in an exchange filing last month. The sale mandate will be one of the biggest managed by Jefferies in the country and will help in its ambition to build a deal advisory business in the local market.
There is no decision on the valuation and time by which the sale will be completed, the people said. Spokespersons for HDFC and Jefferies declined to comment.
The 17-year-old HDFC Credila is India's first dedicated education loan company, information available on its website shows. The privately-held company had assets of 142.3 billion rupees ($1.7 billion) as of Dec. 31, according to the website. Â
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