HDFC Bank has completed the sale of its stake in education loan firm HDFC Credila for Rs 9,553.72 crore.

The transaction was announced in June last year ahead of the merger of HDFC with HDFC Bank. In April, the Reserve Bank of India (RBI) had asked HDFC to reduce its stake in Credila to under 10 per cent over the next two years.

In a regulatory filing on Wednesday, the private sector lender said that it has sold 14,01,72,180 shares of HDFC Credila to Kopvoorn B.V, Moss Investments Ltd, Defati Investments Holding B.V. and Infinity Partners.

Kopvoorn B.V. is part of BPEA EQT Group, while Moss Investments Limited, Defati Investments Holding B.V. and Infinity Partners are under ChrysCapital.

The RBI had in February granted its approval to the transaction and this was preceded by approval from the Competition Commission of India (CCI) in August 2023.

Following the sale, HDFC Credila will no longer be a subsidiary of the lender.

Shares of HDFC Bank on Wednesday ended with losses of 1.23 per cent at Rs 1,431.10. HDFC Credila had posted revenues of Rs 1,352.18 crore in 2022-23 and its net worth as on March 31 was Rs 2,435.09 crore.

While announcing the transaction, HDFC had said that the acquirers valued HDFC Credila at a pre-money valuation of Rs 10,350 crore and will infuse primary proceeds of Rs 2,000 crore into the company.

HDFC had then said that it will retain a 9.99 per cent stake in the education loans company. HDFC Credila has extended loans to over 1.24 lakh customers since its inception with the current loan book at over Rs 15,000 crore.

On Wednesday, HDFC Bank had raised Rs 2,910 crore through infrastructure bonds. Proceeds from the issue will be used towards funding affordable housing and projects in areas such as power, roads and ports.