Citi reduces HDFC stake to below 10%

Robert Jahrling has been promoted from co-head of Equity Capital Markets (ECM) in Australia and New Zealand to run the whole team.

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.

The move follows pledges by Chinese authorities to boost the stock market and improve investor sentiment as the domestic economy struggles.

The transaction ranks as the largest block trade in Asia ex-Japan this year and follows a smaller sell-down by Citi in June. Meanwhile, Dewan Housing issues $62 million of new shares in India's first QIP of size this year.

The French tyre maker raises $558 million after the deal is priced below the original range at W41,000 per share.

The PCA Life Assurance sell-down is tightly priced but short-covering and a positive view on Taiwanese financial stocks get the deal across the line.