Citi exits HDFC through $1.9 billion block

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.

Citi exits HDFC through $1.9 billion block

Citi sold its remaining stake in India’s Housing Development Finance Corp HDFC on Friday through a Rs95.51 billion $1.9 billion self-led block trade that is by far the largest primary equity transaction in Asia ex-Japan so far this year.

The well-received deal followed a smaller sale of HDFC shares by Citi in June last year that took its stake below 10% to comply with the upcoming Basel III guidelines. Last week’s sale comprised its remaining...

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