SNG & Partners Assists HDFC Credila Financial Services

SNG & Partners advised and assisted HDFC Credila Financial Services Limited (HDFC Credila) in raising an estimated amount of INR 2500 crore. HDFC Credila raised the funds in two separate issuances wherein it raised INR 1500 crores approx. from South Korea’s Shinhan Bank (the lender of South Korea’s second-largest financial institution Shinhan Financial Group) and balance from a rights issue.

HDFC Credila Financial Services Limited is a non-banking financial company dedicated to education loans. HDFC Credila was earlier a subsidiary of HDFC Limited and came under the HDFC Bank umbrella post merger.  Earlier this year, HDFC Bank had sold a 90 per cent stake in HDFC Credila to comply with regulatory guidelines related to the merger, wherein RBI asked HDFC Bank to pare its stake in the education loan subsidiary to 10 per cent within two years of the merger.

The firm advised in structuring and negotiating the terms of the transactions, ensuring compliance with regulatory requirements while optimising financial outcomes for the client.

Amit Aggarwal, [Managing Partner – Corporate & Non-Contentious Practice], provided strategic inputs and the transaction team was led by Aditya Vikram Dua (Partner), along with Devyani Dhawan (Of Counsel), Aniket Sawant (Principal Associate), Ayushi Parnami (Senior Associate) and Rachit Munjal (Senior Associate).