HDFC had agreed to acquire approximately 41% in the fully diluted equity share capital of HDFC Credila Financial Services Pvt. Ltd. (Credila) from DSP Merrill Lynch Capital Ltd., subject to compliance with applicable regulations, Housing Development Finance Corporation Ltd has informed BSE that on July 09, 2010 the Corporation has subscribed to an additional 40,28,000 equity shares of Rs. 10 each of HDFC Credila for cash at par aggregating to Rs. 4.03 crore.
Further the Company has informed that, consequent to the said subscription, the shareholding of the Corporation in HDFC Credila would increase to 51% of HDFC Credila's total issued and paid up share capital and as such HDFC Credila would become a subsidiary Company of the Corporation.
Source: International Business Times