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

• Real and RE/MAX Holdings receive court approval for merger
• CoVolt Power files for proposed IPO
• enVVeno Medical (NVNO) files $100M mixed shelf