Citi exits HDFC

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.
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Citi's sell-down significantly increases the liquidity in HDFC's stock
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<div style="text-align: left;"> Citi's sell-down significantly increases the liquidity in HDFC's stock </div>

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 9.85% stake and saw Citi exit the Indian financing company that it has been invested in since 2005. HDFC provides mortgages to individuals and companies as well as construction finance to real estate developers.

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