Citi sells HDFC block

Citi reduces HDFC stake to below 10%

HDFC's largest shareholder raises $236.5 million from a block trade as it seeks to reduce its risk levels ahead of the implementation of Basel III.

Citi last night trimmed its stake in India’s Housing Development Finance Corp (HDFC) through the sale of a small self-led block that was well received despite the continued pressure on Asian equity markets.

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