India’s biggest mortgage financier, Housing Development Finance Corp (HDFC), has chosen Jefferies Financial Group to manage the sale of HDFC Credila Financial Services. HDFC may seek a valuation of up to $1bn for the unit as it aims to meet regulatory demands ahead of its merger with HDFC Bank. The Reserve Bank of India has given the newly-formed entity two years to trim its stake in Credila to 10%, with the sale mandate one of the largest managed by Jefferies in the market, according to unnamed sources.