Citi reduces HDFC stake to below 10%

HDFC's largest shareholder raises $236.5 million from a block trade as it seeks to reduce its risk levels ahead of the implementation of Basel III.

Citi last night trimmed its stake in India’s Housing Development Finance Corp HDFC through the sale of a small self-led block that was well received despite the continued pressure on Asian equity markets.

HDFC, which provides mortgages to individuals and companies as well as construction finance to real estate developers, is viewed as one of India’s top blue-chip companies and, according to a source, investors are quite happy to own it at current price...

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