Moneycontrol PRO
Upcoming Event:Attend Algo Convention Live, 2 Days & 12+ Speakers at best offer Rs.999/-, exclusive for Moneycontrol Pro subscribers. Register now!
you are here: HomeNewsBusinessBanks

HDFC to sell 10% of subsidiary to Abu Dhabi Investment Authority

"...This investment will help leverage ADIA’s global expertise and experience to further propel HDFC Capital towards becoming a leading investment platform,” said HDFC chairman Deepak Parekh.

April 20, 2022 / 10:56 AM IST

Housing Development Finance Corp on April 20 said it has entered into binding agreements to sell 10 percent of HDFC Capital Advisors to a subsidiary of Abu Dhabi Investment Authority (ADIA), the United Arab Emirates' biggest sovereign wealth fund, for Rs 184 crore.

"...This investment will help leverage ADIA’s global expertise and experience to further propel HDFC Capital towards becoming a leading investment platform for global and local investors across multiple strategies and asset classes in the real estate and technology ecosystem,” said HDFC chairman Deepak Parekh.

HDFC Capital is targeting to finance development of one million affordable homes in India and is in active discussions with global investors to raise additional funds, Housing Development Finance Corp said.

HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Funds one, two and three and manages an approximately $3 billion funding platform.

The stake sale comes after HDFC and HDFC Bank announced on April 4 the twins would be merging.

Close

While the merger is seen as beneficial in the long term, analysts point out challenges in winning regulatory approvals as the two companies have various group firms in different sectors regulated by multiple watchdogs.

On April 8, central bank governor Shaktikanta Das said the Reserve Bank of India had received the merger proposal from HDFC and HDFC Bank which is being examined.



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

Piyush Shukla
first published: Apr 20, 2022 10:17 am
Sections
ISO 27001 - BSI Assurance Mark