Indian financial services company HDFC Bank intends to pay 124 crore rupees (approximately $17 million) for peer Bank of Baroda (BOB)’s stake in clearing and settlement services provider Clearing Corporation of India Ltd.
Under the terms of the deal, HDFC Bank will acquire Bank of Baroda’s 4 percent stake with an aim of increasing its stake in Clearing Corporation to 9 percent.
With the required approval from the lender Reserve Bank of India, the move will be completed by the end of December.
Clearing Corporation generated posted consolidated revenue of $94 million for the year through March 2018.