According to the Economic Times, MUFG is expected to acquire a $2 billion interest in the unit, which translates to five times the book value.
A Reuters request for comment was not immediately answered by HDFC Bank, and MUFG did not provide a statement.
The Indian private lender stated in January that it planned to begin the process of listing its non-bank consumer finance company, HDB Financial, in the coming months. The lender is scheduled to release its fourth-quarter results on April 20.
In order to adhere to the Reserve Bank of India’s regulations, HDB must be listed on or before September 2025. HDFC Bank’s shares were trading down 1.1% on Friday.
According to a report published in the Economic Times on Friday, Japan’s Mitsubishi UFJ Financial Group (MUFG) (8306.T) is purchasing a 20% interest in HDFC Bank’s (HDBK.NS) opens new tab non-banking business HDB Financial Services, valuing the subsidiary that is about to go public between $9 billion and $10 billion.
The final decision is expected to be made at the HDFC Bank board meeting next week, as per the article opens new tab, which included sources who are aware with the situation.
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