Citi To Sell Stake In HDFC For Up To $2.1B

Citigroup Inc plans to raise up to $2.1 billion by selling its entire stake in Housing Development Finance Corp, three source with direct knowledge of the deal told Reuters on Thursday.

Citigroup has launched the process to sell about 145 million shares, or a 9.9 per cent stake, in India's top mortgage lender for between Rs 630 and Rs 703.55 per share, said the sources, declining to be named as the deal is not public yet.

HDFC stock ended down 0.1 per cent ahead of the news at Rs 701.30.

A spokesman for Citigroup in India declined to comment, while an HDFC spokesman could not immediately be reached.