Citigroup, the global bank shoring up capital, sold its entire stake in HDFC for $1.9 billion, or Rs 9,300 crore, through block deals on the National Stock Exchange ( NSE) to many funds including UBS and Templeton, ending nearly a six-year courtship as investments more than doubled. The firm sold its 9.85% in India's largest mortgage lender at an average of Rs 658 apiece, realising an after-tax gain of approximately $722 million, or Rs 3,550 crore, Citi said in a statement. "The sale of Citi's remaining stake in HDFC is part of Citi's ongoing capital planning efforts," it said in the statement. HDFC's shares fell 3.6% to Rs 676.40. Oppenheimer, Waddell & Reed, UBS, Vontobel and Templeton were among the buyers of Citi's stake in HDFC, the transaction managed by Citi's investment banking unit, said people familiar with the deal. Citi's sale of its stake in HDFC is the biggest domestic share sale in almost a year.
Source: Economic Times
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