Citigroup (C) Sells Stake in HDFC for $1.9B; Sees Post-tax Gain of $722M
- Top 10 News for 12/15 - 12/19: Russia Raises Rates, Ruble Retreats; U.S., Cuba Get Friendly; Sony Crumbles Under Pressure
- BlackBerry (BBRY) Posts Surprise Q3 Profit; Reports 100% Sequential Growth in BES10 Licenses
- Facebook's (FB) Instagram is Bigger and Better than Twitter (TWTR), Should Be Worth $35 Billion - Citi
- Nike (NKE) Tops Q2 EPS by 4c; Adjusted Futures Orders Rose 11%
- Fed's Williams Says June Good Time to Consider 'Lift-Off'
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
- Citi (C) Acquires More Commodities Books from Credit Suisse (CS)
- Rogers (ROG) to Acquire Arlon
- Shire plc (SHPG) Said Considering Bid for NPS Pharma (NPSP)
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!