DBS Bank facilitates $100 mn fund raise by HDFC Credila

MUMBAI: Education loans-focused lender HDFC Credila Financial Services on Tuesday said it has raised $100 million in external commercial borrowing (ECB). DBS Bank’s IFSC banking unit in Gujarat International Finance Tec-City (GIFT City) said in a statement it led the syndicated loan.

The funds will be used for growing the retail education loan franchise, it said.

DBS Bank India MD Rajat Verma said the company is poised to play an important role in nurturing the country’s talent by enabling access to learning for India’s students.

The ECB comes on the back of HDFC Bank completing the sale of its stake in HDFC Credila to private equity firms BPEA EQT and ChrysCapital in an over $1.15 billion deal in March this year.