NSE - Delayed Quote • INR Housing Development Finance Corporation Limited (HDFC.NS) Follow 2,732.00 +7.70 (+0.28%) At close: July 12 at 3:30 PM GMT+5:30 All News Press Releases SEC Filings All SEC Filings Corporate Changes & Voting Matters Periodic Financial Reports Proxy Statements Tender Offer/Acquisition Reports Offering Registrations RBI relaxes restrictions on HDFC Credila regarding addition of new customers BENGALURU (Reuters) -Housing Development Finance Corporation (HDFC) on Tuesday said the Reserve Bank of India has relaxed restrictions on its education finance arm, HDFC Credila, related to the addition of new customers. The restrictions were eased after the company met RBI's condition that the application for change in the shareholding of HDFC Credila as a non-banking finance company be made to the central bank before July 31, 2023, according to the filing. Also as a directive for the HDFC and HDFC Bank merger, the RBI had asked the company to cut its stake in the education finance unit to 10% over the next two years, and stop onboarding new customers. Baring EQT, ChrysCapital acquire HDFC's education loan arm for $1.1 billion BPEA EQT and ChrysCapital will buy a 90% stake in Housing Development Finance Corporation's education finance arm HDFC Credila for 90.60 billion rupees ($1.11 billion), marking India's largest-ever private equity (PE) buyout in the financial services sector. The deal will also help the mortgage lender adhere to the mandated regulatory requirements before its $40 billion merger with HDFC Bank proposed to be completed next month. INDIA STOCKS-Slide in HDFC, HDFC Bank erases weekly gains for Indian shares Indian shares declined on Friday and erased weekly gains amid weakness in financials stocks due to declines in Housing Development Finance Corp and HDFC Bank, and persistent fears over the U.S. banking sector. The Nifty 50 closed 1.02% lower at 18,069.00, while the S&P BSE Sensex lost 1.13% to 61,054.29. Housing Development Finance Corp Ltd and HDFC Bank Ltd declined over 5.5% each after MSCI said it included the merged entity of the two companies in its large-cap index, but with an adjustment factor of 0.5. INDIA STOCKS-HDFC, HDFC Bank weigh on Indian shares amid weak global cues Indian shares declined on Friday, dragged by high-weightage financials and weak global cues, after the European Central Bank hiked rates and fears over the U.S. banking sector worsened with the collapse of PacWest Bancorp. The Nifty 50 was down 0.26% at 18,208.70 as of 10:40 a.m. IST, while the S&P BSE Sensex lost 0.32%. Financials stocks led declines in the Nifty, falling 1% as Housing Development Finance Corporation Ltd and HDFC Bank Ltd lost 5% each, and were among the top losers on the index. Slide in HDFC, HDFC Bank erases weekly gains for Indian shares BENGALURU (Reuters) -Indian shares declined on Friday and erased weekly gains amid weakness in financials stocks due to declines in Housing Development Finance Corp and HDFC Bank, and persistent fears over the U.S. banking sector. The Nifty 50 closed 1.02% lower at 18,069.00, while the S&P BSE Sensex lost 1.13% to 61,054.29. Housing Development Finance Corp Ltd and HDFC Bank Ltd declined over 5.5% each after MSCI said it included the merged entity of the two companies in its large-cap index, but with an adjustment factor of 0.5. INDIA BONDS-India 10-yr yield shy of 7%, drops to 13-month low on dovish Fed bets "The trend is likely to remain bullish as inflation is expected to come down in the U.S. and therefore market is aggressively pricing in rate cuts, which is having an impact on Indian bonds as well," said Abhishek Upadhyay, senior economist at ICICI Securities Primary Dealership. "Even if the Fed is not dovish, the upside in bond yields would remain limited, as interest rates would directionally head lower in future." The market has already factored in a 25 basis-point rate hike by the Fed and is awaiting Chair Jerome Powell's remarks in the aftermath of the U.S. banking crisis.
