HDFC Bank will acquire Stake in IDRCL

On Tuesday, HDFC Bank informed that it has signed an agreement to invest Rs 3 crore in the first allocation to acquire a stake in IDRCL. IDRCL is a debt management company. In a regulatory filing, HDFC Bank told, it has signed a pact on March 28, 2022, for investment in India Debt Resolution Company Ltd (IDRCL) by way of subscription to equity securities. HDFC Bank in its statement said: "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."  IDRCL was incorporated on September 3, 2021, to work as a debt management company and to offer all kinds of debt management services. HDFC Bank further informed that it will be acquiring a 15 percent stake in IDRCL for Rs. 7.50 crore.