Citi raises price on HDFC block to keep investors happy

The price was raised by two rupees per share to Rs643 to prevent a large loss of shares when the block was crossed on the exchange yesterday morning.

In an interesting move, Citi increased the price of the shares it sold in India’s Housing Development Finance Corp HDFC on Monday night by two rupees per share. The price increase was communicated to investors after the books closed.

As reported on our website yesterday, Citi sold 16.5 million shares, representing 1.4% of the existing share capital, to bring its stake in the mortgage lender below 10% ahead of the implementation of new...

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