30 December 2024, 02:36 PM
Education loans-focused lender Credila Financial Services, formerly known as HDFC Credila Financial Services, filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO) through a confidential pre-filing route.
The confidential pre-filing route allows the company to withhold public disclosure of details under the DRHP. This development follows a significant change in the company's ownership during the financial year ended March 31, 2024.
A private equity consortium of EQT and ChrysCapital acquired a 90.01 per cent stake in Credila for Rs 9,060 crore, including a fresh equity infusion of Rs 2,003.61 crore. Of this, Rs 700 crore was infused in June 2023 by the erstwhile HDFC, while the remaining Rs 1,303.61 crore was contributed in March 2024 by EQT and ChrysCapital entities. The consortium valued Credila at a pre-money valuation of Rs 10,350 crore.
Credila Financial Services is one of India's largest education loan non-banking financial companies (NBFC).