SC Lowy has agreed to purchase the debt for 70% of the claim amount.
This is the first time that Parekh, who turns 74 this year, has publicly spelt out his views on succession planning at the housing finance major and its group companies.
The bank said the stake sale can happen through any manner, including offer for sale through the stock exchange mechanism.
Ujjivan CEO Samit Ghosh said he plans to merge the listed promoted entity with the bank after five years.
The committee of creditors (CoC) is expected to meet in the next three days to discuss whether bids should be invited from new resolution applicants.
The Mumbai-based bank has seen a drastic fall in corporate loans in the recent past.
Ultratech Cement is competing with rival Dalmia Bharat Ltd, which has been chosen as the highest bidder, to bid for Binani Cement.
The Ruia family owned steel firm is one of the 12 cases identified by the Reserve Bank of India for initiating insolvency proceedings at NCLT.
The transaction, which sets the stage for the first-ever takeover of a bank by a foreign institution, translates into a deal value of around Rs12,000 crore.
IDFC Bank and Capital First’s merger will create a combined entity with assets under management of Rs88,000 crore and distribution network of 194 branches.