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.
HDFC, which provides mortgages to individuals and companies as well as construction finance to real estate developers, is viewed as one of India’s top blue-chip companies and, according to a source, investors are quite happy to own it at current price levels. Analysts have reported a sudden rise in interest in the stock among institutional investors in the past few sessions and the deal was said to have found buyers both among high-quality domestic long-only investors,...
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