Citigroup (C) Sells Stake in HDFC for $1.9B; Sees Post-tax Gain of $722M
Citigroup Inc. (NYSE: C) has sold 145.3 million shares in Housing Development Finance Corporation Ltd. (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 (INR 54.9 billion), and an after-tax gain of approximately $722 million (INR 35.5 billion).
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Blackstone (BX) to Acquire Biomed Realty Trust (BMR) in $8B Deal
- Nortek (NTK) Completes Strategic Review; Will Stay Current Course
- Citi and NBC’s TODAY Announce Multi-Year Sponsorship and Launch Citi Concert Series on TODAY
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!