Credila Financial Services, earlier known as HDFC Credila Financial Services, has filed pre-filed draft papers with the capital markets regulator SEBI to raise funds via initial public offering.
Shareholders of the country's leading education loans financier, in the extra-ordinary general meeting on December 26, has unanimously passed the special resolution for raising of capital through an initial public offering, and modification in Employees Stock Option Plan - 2022.
"..has filed the pre-filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India, BSE, and National Stock Exchange of India in related to the proposed initial public offering of its equity shares bearing face value of Rs 10 each on the mainboard of the stock exchanges," Credila said in a notice published in the newspapers.
However, it further said the filing of the pre-filed DRHP shall not necessarily mean that the company will undertake the offer.
Moneycontrol was the first to report in September this year that Credila has shortlisted five investment banks - Jefferies, Citi, Axis Capital, IIFL Capital and BofA Securites - as advisors for its upcoming big-bang initial public offer (IPO) worth more than Rs 5,000 crore in 2025.
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Last year in June, HDFC Credila was acquired by a consortium of Swedish investment giant EQT and home-grown private equity firm ChrysCapital from the HDFC Group.
Financial Performance
Education loans disbursed by the company in FY24 increased by 76 percent to Rs 14,089 crore, up from Rs 7,992 crore in the previous year. It has disbursed education loans to 53,603 students in the fiscal 2024, compared to 33,036 students in the previous fiscal year.
Its loan book in FY24 has grown by 84 percent to Rs 28,187 crore and interest income on loans has increased by 95 percent to Rs 2,535 crore over the previous year.
The net profit during the year grew by 92 percent to Rs 528.84 crore compared to previous year, while net interest income rose by 79 percent due to an increase in the loan book.
Net profit in the September 2024 quarter stood at Rs 226.5 crore, increasing by 65.7 percent from Rs 136.7 crore in the same period last year. The total income grew by 79.6 percent to Rs 1,166.6 crore during the same period.
The profit in first half of current financial year at Rs 402.8 crore surged by 72.6 percent and the total income at Rs 2,110 crore grew by 84.4 percent over the same period previous fiscal.
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