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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