Citigroup to pare stake in HDFC: Sources
Citigroup has decided to reduce its stake in mortgage lender Housing Development Finance Corp to about 10% from 11.4% now via stock market deals, two sources with knowledge of the transaction said on Monday.
June 13, 2011 / 18:59 IST
Citigroup has decided to reduce its stake in mortgage lender Housing Development Finance Corp to about 10% from 11.4% now via stock market deals, two sources with knowledge of the transaction said on Monday.
The book for the stake sale is likely to be launched later on Monday, the sources told Reuters. They declined to be named as the matter is not public yet.The stake to be sold by Citi is valued at about Rs 13.50 billion (USD 301 million) as per the current HDFC share price.A spokesman for Citi in India declined to comment, while officials at HDFC could not immediately be reached.HDFC shares ended up 0.8% at Rs 657.($=44.9 rupees) Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
