India's top housing finance firm HDFC Ltd (HDFC.NS) said on Wednesday it plans to sell a 10% stake in unit HDFC Capital to an arm of Abu Dhabi Investment Authority (ADIA) for 1.84 billion rupees ($24.09 million).
The deal comes two weeks after HDFC and HDFC Bank (HDBK.NS), the country's largest private-sector lender, floated merger plans to create a financial services behemoth to tap rising demand for credit. read more
Set up in 2016, HDFC Capital manages private-equity funds focused on the real estate sector in India, besides managing a nearly $3 billion funding platform.
"Investment by ADIA will enable HDFC Capital to leverage ADIA's global expertise and experience to further propel HDFC Capital towards becoming a leading investment platform for global and local investors," HDFC Chairman Deepak Parekh said in a statement.
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