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 Basel III guidelines. The price was fixed towards the top end of the Rs625 to Rs644 offering range at Rs641 per share, for a total deal size of Rs10.58 billion $236.5 million and a discount...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222