HDFC Bank Ltd.

HDFC Bank has signed an agreement on March 28, 2022 for investment in India Debt Resolution Company (IDRCL) by way of subscription to equity securities. IDRCL has been incorporated with the objective to carry on the business as a debt management company and to do all kinds of debt management, operational management and consultancy services in relation to debt resolution for an asset reconstruction company or investment trust or any other portfolio of securities.

Equity investment will be done in tranches and the first tranche of equity investment of Rs 3 crore is expected to be completed by March 31, 2022. Subsequent tranches of equity investment will be made as and when determined by the Board of Directors of IDRCL. Total cash consideration of Rs 7.50 crore in tranches, to acquire upto 15% equity holding in IDRCL.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.