HDFC Bank proposes to sell its subsidiary HDFC Education

HDFC Bank has decided to sell its 100 per cent stake in HDFC Education and Development Services Private Ltd. The transaction will be undertaken through the Swiss challenge method, HDFC Bank said in a regulatory filing on Saturday.

"In this regard, HDFC Bank has, on March 30, 2024, entered into a binding term sheet with an interested party, and the offer contained in such term sheet shall serve as the anchor/base bid to seek counter offers from other parties interested in participating in the aforesaid Swiss challenge process," it added.

HDFC Bank will finalise the purchaser on the basis of the completion of the Swiss challenge process, it said, adding that after which the bank and successful bidder would enter into definitive documentation for the purposes. HDFC Education is engaged in providing services to three education schools, it said.