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Citigroup (C) Sells Stake in HDFC for $1.9B; Sees Post-tax Gain of $722M

February 24, 2012 6:39 AM EST Send to a Friend
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).

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