logo
Share SHARE
FONT-SIZE Plus   Neg

Citigroup Disposes 145.3 Mln Shares In HDFC Via National Stock Exchange

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Athletic clothing company Under Armour has ended sponsorship of a female hunter after a video that showed her husband killing a bear caused an outrage. Sponsorship of Sarah Bowmar, the wife and hunting companion of US hunter Josh Bowmar, was dropped by Under Armor following the negative response to... The City of Somerville has decided not to appeal a key environmental permit granted in July for Wynn Resorts Ltd.'s $2.1 billion Everett casino project. The decision paves the way for work on the casino project, known as Wynn Boston Harbor, to go ahead. Apple Inc. is planning to launch three new iPhone models in 2017, including a premium handset with a curved display, the Nikkei Asian Review reported Monday, citing sources familiar with Apple's plans. The new iPhone models will reportedly include a 4.7-inch model, a 5.5-inch model and the premium handset that will be either 5.5 inches or larger.
comments powered by Disqus
Follow RTT