logo
Share SHARE
FONT-SIZE Plus   Neg

Citigroup Disposes 145.3 Mln Shares In HDFC Via National Stock Exchange

Citigroup Inc. (C: Quote) 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
'Booth babes' will not be seen at the RSA Conference scheduled to be held next month, as the exhibitors have added a new clause to its rules that ban revealing clothes. Although, RSA did not use the term "booth babe," its contract clearly explains that staff deployed at booths should wear business... Election fever has gripped the UK as Prime Minister David Cameron on Monday urged his people to prudently choose either a prosperous future under his Conservative Party or economic ruin under the Labour Party headed by Ed Miliband. Fast food giant McDonald's Corp. (MCD), reportedly plans to serve its breakfast menu for the whole day. According to a CNBC report citing analysts from Janney Capital Markets, McDonald's is planning to test serve breakfast for the whole day at select locations starting in the next few months. "Our...
comments powered by Disqus
Follow RTT