Citigroup Inc. (C) said it has sold 145.3 million shares in Housing Development Finance Corp. Ltd., or HDFC, through the National Stock Exchange, representing the entirety of its 9.85% interest, for INR 657.56 per share.
Total proceeds from the transaction are expected to be $1.9 billion at the current exchange rate, resulting in a pre-tax gain to Citigroup of $1.1 billion, or INR 54.9 billion, and an after-tax gain of around $722 million, or INR 35.5 billion.
Pramit Jhaveri, chief executive officer of Citi India, said, "We are pleased with the results of our investment in HDFC and will continue to value our long-standing relationship with the company. Citi remains deeply committed to India and we continue to focus on growth opportunities for our franchise in this very important market. Our combination of unique experience, deep relationships and valuable local insights provide us with strong competitive advantages."
by RTT Staff Writer
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