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Citi to pare stake in HDFC

Citi to pare stake in HDFC
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First Published: Mon, Jun 13 2011. 06 08 PM IST
Updated: Mon, Jun 13 2011. 06 08 PM IST
Mumbai: Citigroup has decided to reduce its stake in India’s top 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 said. They declined to be named as the matter is not public yet.
The stake to be sold by Citi is valued at about Rs 1350 crore ($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 Rs657 .
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First Published: Mon, Jun 13 2011. 06 08 PM IST